From Alan Blinder:
The complacency school concedes that the labor market is far from great but argues there is nothing much policy can do about it. Where monetary policy is concerned, there is some reason for this defeatist attitude. The Federal Reserve has worked overtime to spur job creation, and there is not much more it can do. Fiscal policy, however, has been worse than AWOL—it has been actively destroying jobs.
And Blinder was Fed Vice Chair in the ‘glorious 1990s’ (1994-96). If I didn´t know, I wouldn´t believe it.
Related post: Monetary Policy trumps all ‘excuses’.