US 'Misery Index' Rises to Highest Since 1983

Discussion in 'Economy' started by Stephanie, Oct 21, 2011.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    some links in article at site.

    SNIP:
    Published: Thursday, 20 Oct 2011 | 8:24 AM ET Text Size By: Reuters Twitter
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    An unofficial gauge of human misery in the United States rose last month to a 28-year high as Americans struggled with rising inflation and high unemployment.



    The misery index — which is simply the sum of the country's inflation and unemployment rates — rose to 13.0, pushed up by higher price data the government reported on Wednesday.

    The data underscores the extent that Americans continue to suffer even two years after a deep recession ended, with a weak economic recovery imperiling President Barack Obama's hopes of winning reelection next year.

    Inez Stallworth, an underwriting assistant for a financial services company, recently gave up her car, in part because of rising costs for gasoline and groceries.

    "I can't fit it in," said the 27-year-old Chicago resident, who said most of her extended family was getting by "paycheck-to-paycheck." Consumer prices rose 3.9 percent in the 12 months through September, the fastest pace in three years.

    With gasoline prices high, consumers have less to spend on other things.

    Moreover, a rise in overall prices saps economic growth, which is typically measured in inflation-adjusted terms.

    The last time the misery index was at current levels was in 1983.

    But in 1984 an improving economy probably helped President Ronald Reagan win reelection.

    This year, the index has risen more than 2 points.

    read it all here.
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  2. editec
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    editec Mr. Forgot-it-All

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    Hard times indeed.
     
  3. expat_panama
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    expat_panama Silver Member

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    This is a crock.

    Wednesday's CPI report had prices down. Inflation's a no show with this recession, and unemployment hasn't gone as high as it did in the 80's. Posting this article can be a mistake. Believing it requires a gullible mindset. Defending it in the face of facts to the contrary requires willful stupidity.
     

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