Unemployment has fallen in the US, but the number of structurally unemployed will remain high, and many have left the labour force.
Structural factors in the housing market, also, can explain why the recovery has been so weak so far, and why the housing market will remain rather depressed.
Economic policy in the US must pay more attention to structural factors, i.e. reforming institutions so that labour and housing markets will work better.
Also, the fiscal challenges will be increasing, and without a well-functioning market economy creating growth, deleveraging will become harder.