By the Left Coast Rebel
The 1970s-created "misery index" is back with a vengeance thanks to criminal malfeasance from the White House and Congress over the last few years.
mis·er·y in·dexThe misery index is an economic indicator, created by economist Arthur Okun, and found by adding the unemployment rate to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.
Today IBD shows us that the misery index is back and all paths lead to the White House:
But with Obama vigorously stirring the stagflation cauldron for the past 2 1/2 years, it should be no surprise that we're heading in that direction. Consider:I can see Greece from my house!
Regulation: In just his first 18 months in office, Obama imposed 43 regulations that will cost, by government estimates, $26 billion. And that doesn't count the avalanche of costly new rules headed our way courtesy of ObamaCare.
And his out-of-control Environmental Protection Agency and National Labor Relations Board have virtually declared war on private enterprise, with no regard to cost or jobs.
Obama's response has been to try to score PR points by asking his agency heads to scrape off regulatory flecks while wondering aloud how "we deal with making sure our regulations make sense."
Taxes: While Obama grudgingly acceded to keep all of Bush's tax rates in force for two more years, he agitates endlessly for massive tax hikes on the "rich." His debt plan calls for raising the top tax rates to pre-Bush levels and squeezing an additional $1 trillion out of them under the guise of "tax reform." All of the tax cuts he has approved have been gimmicky and short-term.
Spending: Federal outlays have risen more than 25% since Obama took office, and they're on track to eat up almost a quarter of gross domestic product for the foreseeable future — a spending level not seen since World War II. Annual deficits, meanwhile, have topped $1 trillion every year since Obama took office.
Debt: Gross federal debt has climbed more than a third under Obama, topping $14 trillion. His budget plan puts it on a course to reach $20 trillion by 2016.
Easy money: The Fed has acted as the Democrat's big-spending enabler by buying hundreds of billions in Treasury debt through its quantitative easing programs — and in so doing, sowing more seeds of inflation.