For my generation the misery index of Jimmy Carter is but a hazy childhood memory. Younger generations have never really experienced the misery index. Which is why the majority of them voted for Obama. Well, kids, prepare youreselves to learn about the misery index.
The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960′s. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country. A combination of rising inflation and more people out of work implies a deterioration in economic performance and a rise in the misery index.
While the current misery index is only 8.12, sooner or later the massive federal debt will result in inflation. With unemployment expected to rise we can certainly expect to see the misery index top out even Jimmy Carter in 1980. Congratulations, kids. You wanted change and boy did you get it. Gee, thanks!
H/T Free Republic
