If there's a single company that illustrates the huge range of opportunities and challenges facing the U.S. economy today, it might be Caterpillar, the heavy-machinery giant based in Peoria, Ill. Like most other firms, Cat took a hit following the financial crisis. But since then, it's bounced back--and how. After a strong second quarter, the firm is on track for a second record-breaking year in a row and will likely sell $70 billion of its famous yellow earthmovers, tractors and mining equipment globally.
As products roll off the line at the recently expanded East Peoria factory, every one is marked with...