A lot of that ability to pull out of recessions is due to a central bank that can lower rates more than other countries without risking inflation. I suspect this is due to the USD’s status as world reserve currency, if we print too much there’s a whole global market for dollars. If we inflate a little bit, we take not just from our own citizen savers but from governments and citizens all over the world. It’s like we get to tax the whole planet and spend at home.