March 6, 2012

It's Time to Bring Back the 'Misery Index'

Bruce Yandle

Distinguished Adjunct Fellow
Summary

This isn't exactly the best of times and the worst of times by a long shot, but there does seem to be more than enough misery to go around. This is all the more reason to dust off economist Arthur Okun's "Misery Index" and see what it may be telling us.

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“Several economic indicators, like retail sales and GDP growth, have shown the economy getting better, but things are still tough for the average family. As voters consider who they’d vote for on Super Tuesday, they should look for a candidate who: favors jobs generated by firms and organizations that are satisfying people’s needs, not the government’s wants; understands the value of the dollar is decreased by too much money chasing too few goods and the Federal Reserve controls the money valves; and is aware of the bite we will all feel when filing tax forms in April.” Bruce Yandle, Mercatus Center Senior Scholar

Read the full article at US News