Remember the Misery Index?

November 9, 2009

I am not sure Jon Hilsenrath of the WSJ does: “It’s hard to get inflation when unemployment is so high.”

Just go back to the 1970s, my friend. How about 1975 when we had roughly 9 percent inflation and 9 percent inflation and 8.5 percent unemployment? There’s your Misery Index. Actually, the rest of the article is quite good, focusing on how banks are buying treasuries rather than lending.

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Hilsenrath is about 25, right? Of course he doesn’t remember.

Posted by David | Report as abusive