Why does the US economy appear to be "booming"?

-It has huge Big Tech monopolies that dominate most of the world without serious competition;

-its stock market is in the biggest bubble in history (which benefits a minority of rich elites);

-the government is running stimulative deficits of 6% of GDP;

-its parasitic privatized healthcare industry is driving a lot of (low-quality) growth.

A good example of why higher GDP doesn't mean a better quality of life is the US health system.

The US spends 17-18% of GDP on healthcare, which is nearly double the OECD average, yet it has the worst public health outcomes.

As this FT article puts it:

"Healthcare spending is the largest component of American households’ services expenditure (which drives overall consumption). As for employment, more than 40 per cent of new private sector jobs created since the start of 2023 have been in healthcare. The biggest US industries by revenue include hospitals, drug wholesalers and medical insurers.

"Put simply, a significant share of the US’s 'booming' economy is generated by sickness. Inefficiencies in its healthcare system may also prop up US GDP by sustaining high levels of costly healthcare-related expenditure, whether through overtreatment or the ongoing treatment of preventable illnesses". 

Source: