America’s economy has now slouched into the eighth year of a recovery that demonstrates how much we have defined recovery down.The idea that essentially zero interest rates are, after seven and a half years, stimulating the economy “strains credulity,” says James Bullard, president of the Federal Reserve Bank of St. Louis. But last month he and other members of the Federal Reserve Board understandably felt constrained to vote unanimously to continue today’s rates for an economy that created just 38,000 new jobs in May, and grew just 0.8 percent in the first quarter, after just 1.4 percent in the previous...