I don’t like gross domestic product (GDP). Its uses are limited, for example with regard to its distribution. GDP per capita is merely an accounting result — try spending it. We smash together a top-down indicator when what matters is income and wealth of people and households. So it’s encouraging that net American wealth grew 18 percent to $137 trillion in 2021. This is our full economy. Among many other things, it enables our global leadership.

The US has done very well in wealth terms for years. National wealth has more than doubled since the end of 2012. The net worth of American households alone hit $142 trillion at the end of last year, 14 percent higher than 2020 and also doubling since 2012.