It has been three years since Lehman Brothers went bankrupt in September 2008. Three years later, the U.S. economy is still operating under considerable uncertainty – some even describe it as a double-dip recession. The indicators are less than encouraging. Unemployment is staying above 9 percent. According to the Conference Board, the Consumer Confidence Index plummeted to 44.5 (with 1985's being 100) in August, and the Expectations Index dropped to 51.9 from 74.9 last month. It seems that the troubled times are coming again.

While going through the most challenging economy most Americans have ever lived through, they are all asking the same questions: What has U.S. President Barack Obama done to fix the economy in the past three years? And what's next? Meanwhile, it is not hard for one to sense the public's frustration with the U.S. Congress during this time of crisis. This is reflected by a low approval rating of 39 percent.

With regard to the economy, four issues have been at the top of the U.S. government's agenda: job creation, debt reduction, lowering the trade deficit and controlling the budget deficit. Quite a lot has been said, but much less has been achieved.

Job creation has been a top priority for every American President since the 1930s. But the challenges Obama faces today are slightly different. First, the U.S. economy is no longer a manufacturing based economy and jobs in that sector are continuing to decrease. Second, globalization motivates American businesses to go overseas, further reducing domestic jobs. In California, some agribusinesses have shifted their farming and processing to Mexico in order to avoid labor shortages in the U.S. Third, most American employers would like to seek employees with specific skills. This is especially true in the current e-business era. Fourth, although the government has invested heavily in job training, there are still too many unemployed unskilled workers despite available opportunities for skilled labor.

Debt reduction is another issue. As one of the most complicated issues, the debt reduction discussion got tangled in politics. The Republicans have stood firmly in their promise that they will block any debt ceiling increase proposed in 2013. In fact, the debt ceiling debate has created a good platform from which American politicians can unite their bases. To many in the general public, this debate is purely a political game. An interesting side note is that with unemployment rate under 10 percent, President Ronald Reagan – a Republican – raised the debt ceiling 18 times, but Obama's debt ceiling proposal was unabashedly blocked.

Budget deficit cut has been deeply rooted in American politics, too. For most Americans, cutting federal spending seems a long-term strategy. Military spending is a hot debate in the U.S. Most Americans feel confused as to why the U.S. spends so much on its two current wars. Some argue that going into wars have in fact endangered America, rather than making it more secure. Many believe that to keep America safe, defense spending should be cut dramatically.

The issue of America's trade deficit is somewhat different. As a top trading partner and a most globalized market, the U.S. will continue to have its trade deficit. However, a trade deficit is not necessarily a bad sign for the overall economic recovery. From American economic development history, we have seen that trade deficit growths came with American economic expansions. There is no single solution that will decrease the U.S. trade deficit. What matters is its continued openness.

Obviously, the above issues will not be resolved in the near future. A new round of economic uncertainty and market volatility has been spreading across both the U.S. and Europe. Markets and investors may have to be prepared for even more volatility. The U.S. economy may have to go through transition from a consumer economy to a slightly more production- and savings-oriented economy. Regardless, the idea that the U.S. economy is falling back into another recession may now become plausible. Unfortunately, this entire economic recession will last a longer period than anyone would like.

When all is said and done, American politicians may have to face some harsh realities concerning the U.S. economy regardless of their political positions or ideologies. On Sept. 8, Obama spoke to legislators about "an urgent time" for America. He urged them to "stop the political circus and actually do something to help the economy," and to pass the American Jobs Act, because "people don't care about politics," they need jobs and deserve a better economy. During past three years, American politics have been less conducive in the fight for economic recovery. No matter what comes next, one thing is for sure: The Obama administration and Congress will have to work through difficult challenges. There is no winner in this political game; the only testimony to the politicians' achievements will be the state of the economy.

The author is a columnist with China.org.cn. For more information please visit: http://www.jhzsvip.com/opinion/zhanglijuan.htm

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