What's the justification for any supposed "job creating" policy if the Fed is just going to take away the punchbowl? We all know FREE TRADE and LOWER TAXES and LESS REGULATION will CREATE JOBS. Accepting that's true for the sake of argument, job creation policies aren't much use if the Fed is going to ensure that wage growth never happens. In other words, job growth policies, even if they're correct, just inspire the Fed to kill the job creation part. You can't create more jobs than the Fed wants you to.
I do not understand why Very Serious Economists do not address this issue.
Atrios, Ph. D