This recovery is anemic because total (household and government) debt is high and falling! Consumer credit actually declined by 2.5% in ’11 and total debt fell from 203% of GDP to 202% in ‘11; about $160,000/working age person. At the end of the ’01 recession debt was $80,000, and at the end of the ’91 recession just $20,000. Usually, in recoveries debt rises quickly spurring the economy, but not this time.