Friday, April 03, 2009

Jobless Rate rises to 8.5% - the Obama/Carter Misery Index

Obama - Carter photo:

The jobless rate in the country has increasesd to 8.5 percent with 633,000 additional jobs lost in March. This rate is just .5 percent below the Carter unemployment rate of 9% in 1979.

Add inflation and the Misery Index (combination of unemployment and inflation) may rise above Carter's 20% sooner than anticipated.

Inflation rose dramatically after Carter approved a 4 billion dollar job creation (stimulus) package (email for full article). (Adjusted for inflation, that job stimulus package would cost approximately$14,448,797,250.86.) Interest rates on new home loans rose to an average of 14% by 1979, causing a "housing slump". Bloated budgets, stimulus, auto bailouts (yes it has happenned before), and bank bailouts, all contributed to the "misery".

Should the current administration fail to reign in government spending, and roll-back the stimulus (as suggested by certain Republican's), one thing is certain: History will repeat itself.

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