Hard times push misery index to record high Washington Business Journal - by Tierney Plumb Staff Reporter
The misery index has hit the highest level since May 1991, according to an analysis released Friday by the Campaign for America's Future. New jobless numbers jumped to a five-year high of 6.1 percent, pushing the misery index to 11.7 percent. The index hit double digits in June for the first time since 1993. "Honest people who work hard for a living are struggling to make ends meet," said Robert Borosage, co-director of the D.C.-based Campaign for America's Future. "The misery is felt at the gas pump and the grocery store and it's getting worse, not better." The 60-year-old index is a gauge of economic well-being, representing the sum of the unemployment and inflation rates. Since unemployment and inflation are undesirable, the lower the index, the better the times. The misery index played a role in the 1980 presidential election when President Reagan reminded voters that stagflation increased it to more than 20 percent. With unemployment and inflation on the rise, the index is in the spotlight again. http://washington.bizjournals.com/washington/stories/2008/09/01/daily53.html
