Almost seven years after the Great Recession officially ended, America's economic recovery has finally commenced. What do I mean by "finally commenced?" Hasn't the recovery been underway since mid-2009, with a record-setting, 73-month run of unbroken job creation, including Friday's jobs report? Well, yes. But this gets to an important nuance in what we mean by "recovery." Another way to put the question is, what does the economy look like when it's operating at full health?