Mr Stewart assumes that the recession ended some time ago, and that recovery has occurred. The NBER defines a recession as a "significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The conditions to declare an end to the recession do not seem to have been met. At least the NBER doesn't think so. From reading his column, you would not suspect that such doubts existed.