I don't believe there is never a recover in economic down turns such as this. What we do have is a new reality. While it's hard for the previous participants of the previous boom cycle to fit in to the new paradigm, they will most likely retire in a down graded lifestyle they enjoyed at the height of their previous careers. For their kids, it becomes the new reality, and learn where they fit in and how to make money in it.
The 80's manufacture based economy never recovered. The suit and tie, finance and tech norm that eventually took hold, was just as alien to my parents in 2000, as it was in 1982 when the "trickle down economics" took effect. But for their kids, we may have never been plant shift general managers at the widget factory, and done as well as we have done for our selves. Such as it was, now it's our turn watch the norm become the "Old way".
(according to the National Bureau of Economic Research),
I don't know how this partisan body ever became accepted as the official arbiters of economic well-being. They're a bunch of neo-con lap dogs headed by asswipe extraordinaire Martin S. Feldstein, the genius behind Bush-economics, and the bureau receives millions in annual funding from conservative philanthropic groups.