That sentiment is validated by the best summary I’ve seen of the current recovery — a New America Foundation report describing a “relatively weak GDP rebound” and “a jobless recovery,” facing the phasing out of fiscal and monetary stimulus, Europe’s financial crisis, U.S. debt overhang and an uncertain tax and regulatory environment.

Moreover, economists Sherle Schwenninger and Samuel Sherraden wrote, “State and local governments face fiscal shortfalls that are beginning to act as a drag on GDP growth and job creation,” housing prices are not recovering and wages are stagnant....