Are we in a recovery? There has been no true recovery since 2008. Private savings rate went down to zero during the boom. Traditional savings rate of Americans has been ten percent.
Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.
Austrians have a different point of view about economic growth. Growth requires four ingredients: domestic private investment, sound money, private property, and free markets.
