Just my two cents.
I think we are almost in the same spot as we were in 2008 (with the exception of TV of course, just kidding).
Nothing has changed much.
it’s still the same problem, HOUSING.
In CA approx. 30 % of home owners with a mortgage owe about 100K more than they can sell for, sorry you just cannot have an economic recovery in conditions like that.
Probably the same amount who paid 100K more than they can sell, (that’s real money to most people).
12 % unemployment in SoCal and no credible plan to put them back to work (I guess it’s nice if no one in your hood works in construction).

The bad debt did not go away, it just got transferred to the Gov. so yea very close to 2008, not much has changed.