Setting is simply the time and place in which a story occurs, so it's reasonable to believe that you could identify the setting of a novel as "21st century America."
However, the analysis of setting should go beyond simply naming a time and place. Analyzing the setting requires that you consider the impact of the setting upon the characters and the plot. Would the story be the same if it were set in a different location? A different time? If not, then the setting is insignificant.