It is not possible to answer this question in a simple ‘yes’ or ‘no.’ The situation will improve if the US government starts investing in projects – like green technology, education and healthcare – that stimulates the economy in the long run. But if the government remains bent on spending borrowed money to keep the economy running in the short run, the economy is likely to take a turn for the worse in 2011.

The economy of the United States, though officially out of recession, is still reeling under the aftereffects of the global economic meltdown of 2007. The rate of jobless people isn’t decreasing, defaults are once again high since they peaked in 2007, from an ordinary American on the street to the Federal Government everybody is under massive debt and the no concrete policies are in sight that could fix the economy in the long run.

Currently the government is only concerned about keeping the businesses running in order to save jobs. This, in spite of the fact that it’s doing this with money borrowed from other nations such as China, Japan and Germany.

The accumulated debt is already more than 60 percent of the gross domestic product (GDP) – around US $10 trillion or more than double the current GDP of China – and there are no visible strategies to bring it down in the foreseeable future.

“From ordinary American consumers to big businesses to the US government, all are onboard the same boat which is fast heading towards an iceberg.” That’s how an economist described the current economic situation in the US recently.

On the bright side of things, the former Chairman of Federal Reserve, Alan Greenspan, is of the opinion that the US economy could grow by 3.5 percent this year. If his prediction turns out to be true, we would be witnessing more employment opportunities being generated.

With this, the Greenspan also emphasized the need “to put government finances in order” and warned “a bond market crisis is likely” if it’s not done.

Overall, the current economic atmosphere is such a complex system that it’s near to impossible to predict with cent percent accuracy which way the economy will be heading.

There are as many different opinions as there are experts and this time most of them are of the opinion that this year will prove to be better for the US economy. At the same time, there are others too who would be trying their best to convince others that the just “officially over recession” was only the tip of the iceberg and we are fast heading towards a “depression.”