Relative to the Federal Reserve's short-term lending to financial institutions, the CPFF and the TALF are rather unconventional programs for a central bank. I believe they are justified by the extraordinary circumstances of the past year and by the need for the central bank's crisis response to reflect the evolution of financial markets.
The economic policy arguments, by the way, will all be about what policies might gain or lose those few percentage points. In 2020, there will probably be, at a rough guess, an extra couple of million people working, compared with today’s 11.3 million. But exactly how all those people working will earn their living and go about their work is considerably less predictable.