CNBC reported that the Misery Index is at it’s highest level in nearly three decades. It’s so bad that the writer called it nausea-inducing. I’ll say.
In fact, misery, as measured in the unofficial Misery Index that simply totals the unemployment and inflation rates, is at a 28-year high, reflective of how weak the economic recovery has been and how far there is to go.
The index, first compiled during the soaring inflation days of the 1970s by economist Arthur Okun, is registering a nausea-inducing 12.7—9.1 percent for unemployment and 3.6 percent for annualized inflation—a number not seen since 1983. The index has been above 10 since November 2009 and had been under double-digits from June 1993 through May 2008. …
Don’t expect it to get better any time soon. The IMF is forecasting sluggish economic growth for the next couple of years.
Whatever happened to “Recovery Summer?” I thought the economy was supposed to be booming by now. Instead we get “Misery Summer.” Thanks, Obama!
Cross posted from The Lonely Conservative