Many of you are too young to have direct knowledge and have learned only revisionist history of President Carter’s administration, and are unfamiliar with the “Misery Index”, which was a measure of the man’s failed economic policies.
Last month CNBC resurrected the index using today‘s numbers: 9.1 percent unemployment plus 3.6 percent Consumer Price Index (CPI) equaling a 12.7percent misery index.
High as that seems, it is much lower than the real index as it was calculated during the Carter administration. Consulting Economist John Williams at shadowstats.com provides us numbers to calculate as in the past: 22.3 percent unemployment plus 11.2 percent CPI equals a 33.5 percent misery index, which is the Obama index comparable to Mr. Carter’s.
The above numbers result from including the marginal and discouraged unemployed plus food and energy into the CPI so as to arrive at the index number which we actually experience. The Carter misery index was 22.0 percent when President Reagan took office.
Government has been manipulating unemployment and inflation measures so as to minimize our dire economic straits. Mr. Obama’s speeches blaming George W. Bush, Republicans, and virtually, everyone but himself are very much like Mr. Carter’s “Malaise” speech in 1979 blaming the people’s “Crisis of Confidence” for his failure. Jerome (Jack) Lorenz Mills River, North Carolina