Since Mankiw is neither publicly recommending more expansionary fiscal policy nor publicly recommending more expansionary monetary policy, a reasonable person might infer that he is happy with the trajectory of the employment-to-population. But then why the "so-called recovery"? Why not something like "the trajectory of the employment-to-population ratio is optimal given the inflation outlook"?
The more probable conclusion a reasonable person might infer is that Greg Mankiw regards himself as under Republican message discipline--eager to send the message that Obama has done a lousy job at managing the economy without sending the message that Romney and the other Republicans have materially harmed the economy by straining every nerve and muscle to oppose and block the more-expansionary fiscal and monetary policies that would have made the employment situation better. That is a very hard needle to thread indeed…One thing I've always found telling about Mankiw is that he doesn't allow comments on his blog -- just like Putz.
That's usually the way it is when you do nothing but peddle GOP spin.