September 16, 2011
Misery Index Redux?
During the Presidential campaign of 1976, Jimmy Carter frequently mentioned the Misery Index (Unemployment rate + Inflation rate), which in the summer of 1976, under Ford inherited from Nixon, was at 13.57%. Carter complained that no man responsible for a misery index of such magnitude had a right to be President. Carter was elected. By 1980 it had increased by 7. Obama has now increased this index during his short term by 4.9. Per year he is roughly right on track with Carter, with unemployment not budging, a threatening 'second ' recession (or more likely and reasonably, one which never ended), and inflation spiking, to a measurable extent due to Obama's ideological actions in the energy field at the very least. Only Richard Nixon by 1974 and Jimmy Carter have been worse, and only due to their longer time in office. But then we believed in a future that was better. Now, not only have we been crushed out of that, but the misery index assails us again. China, Arabs, Euro,...(Read Full Post)