Yes the jobs reports can be over-stated but not by design. if anything I would suspect the Fed wants the market not to get spooked into thinking inflation is back. that will kill any chance they have to reduce debt in a low interest environment. The recent retail sales seems to confirm a healthier Christmas. I suspect it will do better than originally thought but not near pre-crash levels.
In any event the Fed is there to stimulate and put on the breaks. Not much need to put on the brakes. As for your argument that stimulus by the Fed creates this mess, I agree. But that better system do we have? Abandon the Fed and allow free markets to sink or swim on their own? Will make a good experiment. We have always had boom/busts and in a capitalist system it will probably be the only way for the future.
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