It is far too early for a final assessment of the relative behaviour of the different parts of the industrial world in the recent nearly unprecedented recession, but it is not too early for a preliminary examination.

If we look at the fall in output from the peak quarter before the recession in 2007 or 2008 to the recession trough and the recovery since then, the US emerges as the easy winner. The fall in output was slightly less than that experienced in the eurozone, the UK or Japan and the recovery has been much more impressive. It is the only one of the four main groups where output has recovered to above the pre-recession peak. You might think that the domestic American reaction would be one of rejoicing, but it is not.

Hardly a day passes without warnings of doom from Republican politicians, many financial analysts and even some economists. It is true, as Clive Crook points out, that the US authorities would have more room for manoeuvre if there were a Congressional agreement on the long-term budgetary problem, but they have not done too badly as it is. They have pulled out the monetary and fiscal stops to keep the economy going and there has been no inflationary break-out.