The New Normal: A Jobless Recovery?

"The new normal is a very slow economy," Tyson said. "It's a slow economy with a very high unemployment rate and only coming down gradually."

Tyson isn't sure Americans will ever spend like they did before the recession.

"The old normal was the U.S. consumer was spending at a rapid rate in excess of his or her income on average," Tyson said. "The U.S. consumer can't go back to that, they've lost too much wealth, they have to bring their debt levels down. Therefore, whatever we are going to is going to be different."

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