You sure its just the 3.4%? 5% is considered 'full employment' so 3.4 should be some of the best times in history.

How many people are employed but are in a job that barely provides enough money to survive? How many people are working 2 or even 3 jobs just to barely survive? Those people would be counted as 'employed'. You should look at these other groups of people before making judgement.