Fed's Lacker Says Bond Purchases Need Re-Evaluating - WSJ.com

LET THEM EAT CAKE BELIEFS: Fed's Lacker Says Bond Purchases Need Re-Evaluating - WSJ.com
Why don't we start talking more specifically about the segmentation across the unemployment statistics?

In other words, where is the slack when college graduate unemployment (per BLS statistics - either adjusted or not) is below 5%?

In a modern (i.e. US economy), is there really a substitution effect in the economy for those with limited reading, math and logic skills?

Is there in fact a need to rethink the labor market and tax and benefit laws in ways to make more jobs available for those with little education and skills? (The latest activities of the Democrats have clearly gone in the opposite direction here and, as shown by where American companies are investing, there is little current opportunity to bring low-skill (and what should be low gross cost of employment) jobs back to the US.)

So, shouldn't journalists be taking Bernanke, et al. to task for saying there is 'slack' in the economy? It's like Marie Antoinette said when bread was short, "Let them eat cake". (The substitution for skilled labor is more technology, not more unskilled labor - at least in the US).