Almost all credit growth comes from the FedGov

The blue line is total credit market debt.  Prior to the crash, it was increasing at more than $1 trillion per quarter, separate from the government debt.  In 2009 and 2010, it shrunk even with the vast increase in government debt.

The red line is the increase per quarter in federal debt owned by the public.

If debt is good and recovery is defined as increase in the debt, separate from the increase in the national debt, then there is no recovery.