Actually the worry is stagflation. The Fed desperately wants...

Actually the worry is stagflation. The Fed desperately wants inflation, but not so much inflation that they actually need to raise interest rates... GDP and PMI data are so low that raising rates will kill the economy asap. And prices/costs to consumers are rising if you look at core CPI (aka inflation) . So deflation is not on anyone's mind right now...Unless your're Abe or Kuroda.(Or if you're reading marketwatch articles)

Is 4.9% low when you have a dwindling participation rate every month? Is 4.9% low when your population is growing exponentially while full time work becomes less available due to government regs and workers have to make do with several part time jobs instead of full time work?

To say that 2008 was bad...is erroneous. That was the GFC. "It's not so bad right now...2008 was BAD."
That's like saying, " you feel sick? you're feeling ill? Well you're not dead...so be grateful. If you were dead, then you should worry".

Gormless - I have now added that to my vocab thanks.