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I stumbled across this article by Robert Solomon , who argues that not only is existentialism not a pessimistic philosophy, it is the philosophy that America needs today. Some highlights:

I do not disagree with the diagnosis, but I am disturbed by the continued reference to existentialism as a pessimistic, negative philosophy. It is often considered such. Only a few weeks ago I heard a radio commentator declare that the "nothing really matters" lyric from Queen's "Bohemian Rhapsody" was truly "existential." And I still hear pundits and some of my university colleagues decry existentialism as the source of our nihilistic gloom, the reason why our students don't vote and why they experiment with dangerous drugs. I listen to such comments with a mix of amusement and horror because I like existentialism and I think that existentialism, not pessimism, is what America needs right now.
In short, existentialism is not a philosophy that allows us to feel sorry for ourselves in the midst of our malaise. It is a philosophy with which we can come to grips with these terrible times and actually change them. The recent midterm election was encouraging. What it suggests is that America is collectively recouping its existentialist roots, not because of national pessimism but because of what I hope is the beginning of a cooperative optimism and the sense that things as they are cannot stand.