An urban myth claims that when economist and Nobel Laureate Milton Friedman was asked how his wife was doing, he responded by asking, “Relative to what?” The jarring answer was not intended to be sarcastic, but rather to make a scientific point for which he was famous: Judging wellbeing or performance requires a measuring rod and something to compare the measurement to.

Which raises the question: As 2017 is closing, how is the U.S. doing?