Despite upbeat forecasts from economists, the road to recovery remains paved with formidable challenges, including stubbornly high unemployment and weak demand for housing. The stabilization of the financial system contributed to economic recovery in late 2009...

If the 20th century was America’s, the 21st may well be China’s. A trade giant, formidable economic power, and rising military power with increasing influence in Africa, the Middle East, and Latin America, China owns the largest foreign portion of U.S. debt at...