The Sub-Par "Investment-Less" Recovery
The attempts to jump-start the economy with fiscal and monetary stimulus haven’t brought the jobs back because they haven’t created the right incentives to bring private business investment spending back to a level that would restore jobs to pre-recession levels. If we could focus instead on removing the many political and regulatory uncertainties that are holding back private business investment, risk-taking, and entrepreneurship, only then will the “investment-less recovery” end. And when it ends, strong job creation will automatically follow and then the "jobless recovery" will end.
Related: "As is well known, large companies have $2 trillion of cash and securities, up $520 billion since year-end 2007. That's money firms could use to hire and invest in plants or new products — if managers were more confident. Instead, they're stockpiling funds against another financial crisis."
~Robert Samuelson's article "Risk Aversion Has Economy Frozen Stiff"
Update: In response to some of the comments, the chart below shows that real personal consumption expenditures are about 1% above the re-recession level.