When it comes to measuring the combination of unemployment and inflation, it doesn’t get much more miserable than this. 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 good news is that it's all Bush's fault and that the Hope and Change we were promised with the election of Barack Obama is just around the corner. At least that's what they've been telling us, rather like Harold Camping predicting the end of the world, since Mr. Obama's accession in January of 2009.
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.
This ad features DNC Chair Debbie Wasserman-Schultz on Meet the Press doing a pretty good Camping impersonation: Well, where's the evidence that the administration has "turned the economy around"? Are we just supposed to accept this on faith? Is there any empirical reason why we should believe Ms. Wasserman-Schultz when she tells us that the rapture .... I mean the economic recovery .... is immanent?
