Most of the segments of its economy that were damaged by the financial crisis are now surging: the credit market has revived, with even small and medium enterprises now reporting easier access to loans.
As these businesses hire more workers, jobs are becoming more plentiful, boosting consumer confidence to the highest levels since 2007.
The housing market, which helped to trigger the crisis, is now recovering, with prices rising gently and the stock of unsold housing down sharply.
Unsurprisingly, the lead indicators that forecast economic activity a year ahead are moving up strongly, giving us confidence that the American economy will be an engine of global growth in 2015.
Over the next year, the American economy is likely to get a significant additional boost from higher capital spending.
So far in this recovery, companies have been wary of spending the roughly US$1.6 trillion hoard of cash that they have built up, deterred by a lack of confidence.
But with capacity utilization rising and new technologies such as cloud computing, solar energy and 3D printing reaching critical takeoff points and needing huge new investments, a turnaround in capital spending is now more likely.