Is a Declining Dollar Good or Bad?

Here is an article touting the benefits of a declining dollar. This article, though, claims that it takes up to two years for the US economy to adjust and take advantage of a lower dollar. Either way, the dollar has been declining for some time, and should begin to affect the economy in a positive way. But, as The Capital Spectator notes, there are still reasons to worry:

Regardless of how a falling dollar helps or hurts U.S. exporters, the prospect of European economies slowing at a time when the risks of deflation and recession are again receiving serious attention worries more than a few economists.

If the economy does recover soon, and looks to be improving as the 2004 election approaches, I wonder what strategy the Democrats will take…will they belittle the economic growth as not significant? Or, will they decide to focus on an issue other than the economy?