To put the current Misery Index (unemployment plus inflation = 12.9) in some historical context:
(1) it's higher than any time in the past 28 years
(2) it's +36% higher than the post-World War II average of 9.5
(3) there have been only 9 years in the past 63 when the annual Misery Index topped 12.9 — all in the inflationary 1970s.
The 1970s was the last time stagflation reared its ugly head.
Rampant government spending, regulatory hyperactivity and endless federal meddling in the economy were the root causes.
Sound familiar?
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