There is a lot of talk about economic recession, and economists talk about "business cycles" or boom-and-bust cycles which naturally occur as the market self-corrects, talk about markets "bottoming out," etc.
The current situation in America is different however, because of globalism. Instead of a more-or-less isolated capitalist system in America, the capitalist system has become increasingly more of a global system. (This is why inspiring nationalism and patriotism these days by any right wing entity is obviously only manipulative, as major corporate players have long since become trans-national.)
Globalism isn't a "business cycle" nor a recession for Americans--it's a genie that's not going back in the bottle. American workers are now forced to compete with the rest of the third world for jobs, which, left to market forces alone, can only continue to erode the living standards of most Americans, a segment who used be an isolated beneficiary of a more isolated capitalist American economy.
I think this makes American economic problems all the more difficult to solve, even for less market-oriented liberal or left-leaning entities in government. Capitalism's race-to-the-bottom features, such as corporations moving to states or areas that offer them the best deal in terms of tax breaks, or the best benefits in terms of lower compensation for workers for example (outsourcing), will be a tough nut to crack as American government cannot legislate for competing countries who may wish to offer corporations a better deal of, for example, sweat shops or child labor.
America's economic situation increasingly resembles that of the third world in terms of the investor classes continually and astronomically increasing their wealth, while people who must work to earn a living, nothing more than a capitalist labor pool of mere market commodities are, barring any serious interference with the strictures of capitalism globally, destined to continue to see their living standards fall.