The economy hasn't been good anytime recently until 2019 or so. Unemployment consistently improved over time far past any mainline economists predicted, especially the Larry Summers types who ran the 2010 recovery. Maybe they should've lowered the rates then so they could raise it later - they certainly didn't do enough stimulus.

There are weak models behind all of this at best; "cheap money and fiscal discipline" isn't even a model, just moralizing, but the actual arguments about fiscal policy use things like "potential output", which has assumptions like "the economy will overheat if black people have under 10% unemployment".

https://stayathomemacro.substack.com/p/racism-skews-our-beli...

As for current inflation, it's not yet enough to ruin the Fed's decades long record of undershooting the 2% target, but it is caused by an ongoing natural disaster and not money printing. So to fix it, you can try fixing the natural disaster…