That’s the title of an article in The Economist yesterday which beings by pointing out that, while China is laughing at us, the rest of the world is in despair about us and Washington better get its act together, there is more to the story…

[T]here is also another America, where things work. One hint comes from what those bosses like to call the real economy. Recent numbers from the jobs market and the housing sector have been quite healthy. Consumer balance-sheets are being repaired. The stockmarket has just hit a record high. Some of this is cyclical: the private sector is rebounding from the crunch. But it also reflects the fact that, beyond the District of Columbia, the rest of the country is starting to tackle some of its deeper competitive problems. Businesses and politicians are not waiting for the federal government to ride to their rescue. Instead, as our special report this week shows, they are getting to grips with the failings Congress is ignoring.

About these ads