In the country of the blind, the one-eyed man rules. The US economy shows significant flaws. But it is a king when compared with its peers. It has recovered from the Great Recession, with unemployment low and real incomes rising. It also possesses abiding supremacy in new technologies. Nevertheless, the next administration will take over a country with mediocre growth of productivity, high inequality, a growing retreat from work and a declining rate of creation of new businesses and jobs. At least the US fiscal position is not a really urgent threat. That is to the good, since nothing much is likely to be done about it.

The financial crisis of 2007-09 was a devastating event, economically and politically. But real gross domestic product per head had reached its trough by the second quarter of 2009 and recovered to pre-crisis levels by the final quarter of 2013. Similarly, the unemployment rate peaked at 10 per cent in October 2009 but is now back to 4.9 per cent. The financial sector is also in far better health than during the crisis.

Too many casual observers take this rapid turnround for granted. But the Great Recession could have been another Great Depression. It took bold action by the Federal Reserve, the administration of George W Bush and that of Barack Obama to turn the economy around so quickly. Everyone has benefited greatly from this success.