Is the US Failing at Math Instruction?

Coryoth writes: While US students continue to do well on specific skill and benchmark focussed tests, things look less positive in exams that consider a wider understanding of mathematics and problems solving skills (see, for example, the 2003 PISA study of mathematics and science skills for 15 year olds in OECD countries): the US is slipping behind noticeably. At the same time there is a growing amount of discontent with modern approaches to mathematics instruction in the US. Is the US heading in the wrong direction in how it teaches mathematics?