Could the US economy be doing too well?
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The US is enjoying a strange economic boom, with consequences for the global balance of power, the future of the planet and the UK’s future growth prospects. It is borrowing billions to boost its economy – taking a huge risk but with potentially huge rewards.
The boom is visible on the ground. On a recent trip to Georgia in the south of the US, I saw fields and forests being turned into factories with extraordinary speed. In 20 years of reporting around the world, what I have seen in the US over the past year can only compare to what I saw in China in the mid-2000s.
US President Joe Biden’s economic policies are changing the country’s landscape. The numbers show the scale: Since February 2021 – just after his inauguration – monthly investment in factory construction has more than trebled, to almost $20bn (£16bn).
The China…
