[CAMBRIDGE] Under President Joe Biden, the US economy has performed much better than virtually anyone predicted. And yet voters seem not to realise it – an apparent puzzle that has been much discussed lately.

In fact, this disconnect between popular perception and economic performance is nothing new. Since World War II, the US economy has consistently done better during Democratic administrations, yet a large share of Americans – possibly even a majority – believe that Republicans are better economic stewards.

At first glance, the proposition that the economy consistently performs better under one party might sound like the sort of blatantly implausible partisan claim that is not even worth checking out. But anyone who does check it out – the relevant statistics have been compiled before, including by me – will find that it is completely true.