To think we are always in a Fed created bust cycle makes no sense.
The bust period is the period that occurs after the Fed stops or significantly slows money printing. The economy must readjust. Thus, unemployment soars as workers must find new jobs in the restructured economy. This is at the core of Austrian School Business Cycle theory.
To be sure, there can be other impediments to "full employment" such as high minimum wage laws. Obamacare payment regulations etc. but the bust phase of the business cycle brings about a massive and genreally temproary explosion in unemployment.
This chart updated through June data that was released today shows the difference between what we are experiencing now and what the bust phase looked like, The circle areas are what a recession looks like.
We are not currently in a recession.
(chart via MarketWatch)