Why This "Recovery" is Different

http://viableopposition.blogspot.ca/2013/05/why-this-recovery-is-different.html

This time, unlike past post-recession periods, the governments of most of the world's largest economies have been unable to spend their way out of trouble.  It appears that the elevated level of public debt has finally caught up to us and that the world's economy has reached the point where it has to rely on central bank policies to bail it out.  Unfortunately, now that we're at the zero bound on interest rates, central bankers are having to rely on unconventional (read experimental) measures that may have unintended consequences over the long-term.