Friends say I’m obsessed with the US economy. And they’d be right. First, there’s its sheer size: 24 per cent of global GDP on 4 per cent of the population. Second, its relentlessness: prior to the Covid-19 pandemic, America was enjoying its longest-ever economic expansion. Third, the wealth it generates for its citizens, and not just the billionaires: US GDP per capita, at roughly $70,000, is around a third higher than most of its peer nations.
But the statistic that caused my eyes to pop out of my head – like a Looney Tunes character – was that the US economy returned to its pre-pandemic trend last year. That means it is not only larger than before Covid, but 5 per cent larger, as if the pandemic never happened.
