Friday, February 6, 2009
Remember this chart? The Misery Index was invented in the late 1970s, when unemployment and inflation were both high. It was an ugly combination, to be sure. With politicians and the press and President Obama all wringing their hands about how the situation is so abysmally bad that we need to pass a monstrous, pork-laden, government-expanding, faux-stimulus bill urgently today, not next week—the more time given to the critics to look inside the bill, the more critics there are—I thought it would be a public service to post this chart. The unemployment rate is indeed high, but thanks to sharply lower energy prices, inflation is very low. Things are really not as bad as the hysteria would lead you to believe.
Posted by Scott Grannis at 11:21 AM