It is still early days in the second Trump administration, but one must already ask what it means to “Make America Great Again”?

After all, the country is already great, judging by all the most basic economic metrics. It accounts for between 15% and 26% of global GDP (depending on whether one uses the nominal figure or adjusts for purchasing power), and its economy is bigger than the rest of the G7 combined. Despite having a population one-quarter the size of China or India, the US dwarfs both economies (in nominal terms). The average American household’s income is far above that of any other country with more than 50 m...