This is as good as it gets for the US economy

The writer, Morgan Stanley Investment Management’s chief global strategist, is author of ‘The Ten Rules of Successful Nations’

Driven by the success of America’s vaccine rollout and massive government stimulus, the US economy is expected to grow as fast as 7 per cent this year and is currently leading the world recovery. The commentariat is talking up an “American Renaissance” in a nation that on Sunday marked its 245th Independence Day.

But there is a problem: America just went through an economic renaissance. It’s not likely to be reborn again.

A decade ago, in the wake of the 2008 financial crisis, Standard & Poor’s downgraded US government debt for the first time ever, triggering dire forecasts of American decline. Instead, the 2010s saw an expansion of American economic power, driven by its tech prowess and its relatively quick resolution of the debt crisis. 

The US share of global gross domestic product rose from…

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