Sharemarkets close to record highs, economic growth powering ahead at an annualised rate of 3.3 per cent, rising consumer confidence, an abundance of job creation, a veritable boom in infrastructure investment, inflation seemingly once more under control, and companies at the forefront of the artificial intelligence revolution.

From across the pond in moribund Europe, where economies are stagnating or contracting, America looks like it’s thriving.

In a recent NBC poll, Joe Biden’s approval rating on the economy slumped to just 33 per cent , with Trump opening up a 22 per cent lead.Credit: AP

Given this apparent success, you might also expect President Joe Biden to get at least some of the credit for it – and for this to be reflected in voter’s attitudes. “The economy, stupid”, was the slogan that James Carville, Bill Clinton’s campaign strategist had emblazoned on his desk to remind everyone of the importance of the economy as an electoral issue.

Yet far from bolstering his chances of re-election in November’s presidential election, Biden finds himself struggling in the polls. These predominantly show Donald Trump climbing to a material and sustained lead since late October, and not just because of growing concern over Biden’s age and apparent lapses in memory.

If the US economy is booming, Americans don’t yet feel it. Trump’s alternative narrative – that the country is dying on its feet – seems to be the one with the greater traction.

The read through from economic to political success has always been a haphazard one, particularly in America, where the complexities of the electoral system can yield startling results. Oddly, people are often as inclined to vote for change when things are getting better than when they are getting worse.

What’s more, and despite Trump’s chaotic handling of the pandemic and a growing mountain of legal cases against him, the Trump years as president have recently undergone something of a rehabilitation even in apparently well-informed circles.

Jamie Dimon, the world’s most powerful banker and one-time Democrat supporter, recently said that Trump had been “kind of right” about a lot of things, from NATO to immigration, and China to tax reform. It is perhaps these other things that have assumed greater importance in a country that is increasingly polarised by issues that have little or nothing to do with the economy.