Wentworth Hauser’s latest investment commentary reviews the recent tax legislation, the modestly growing economy, sub-par employment rate, housing market recovery and China. "As we enter 2013, the United States is faced with both short- and long-term challenges. Over the short term the U.S. must address the revenue shortfall and spending excesses that result in budget deficits. The employment problem of the past five years is due to below average GDP growth of the current economic recovery. The second challenge is long-term reform to the nation’s entitlement programs of Social Security, Medicare, Medicaid and some fifty other welfare benefits."