Definition of Recession is Totally Bogus
Officially, according to NBER, the U.S. is out of recession, and has been since June 2009. Of course, that is totally bogus because the "official" definition of recession does not take into account fiscal deficits, so it is meaningless. Whether, the deficit was at 0% or 10% of GDP (as it is now), the U.S. would still be deemed to be out of recession. Currently, as I write, GDP growth is running at ~2% year over year, so in reality, the true economy is running at a negative 8%. When a country can borrow 10% of its GDP and then declare that the economy is "growing" at 2%, that's the trifecta - bad math, denialism and stupidity all rolled into one.
Legacy of the Baby Boomers
That 14% represents the hole in the economy left behind by the most greed-addled, self-indulgent generation in world history. Not only are the Boomers spending the wealth inherited from their parents, they've underfunded and raided their own 401k retirement funds, bankrupted Medicare and Social Security, and on top of all that left A GAPING 14% SMOKING CRATER where the economy used to be, for their children and grandchildren to inherit.