Has the "Fed" inability to maintain a monetary strategy, with consistency, to be blamed for our sputtering economy and budget constraints?

http://www.wsj.com/articles/years-of-fed-missteps-fueled-disillusion-with-the-economy-and-washington [login to see]
Let's face the facts. Although our stock markets have seen outstanding gains, it pales to the comparison of GDP growth and our ability to globally influence the world's economy as we did 30+ years ago. Bottom line: Training, resources, personnel, equipment and personnel come with a price tag. Is "popularism" to blame, should the Fed continue to please the public or make the hard fiscal choices? America is spending more than it can make, when does it end?