The Misery Index was created by Arthur Okun, an economist who worked for the Johnson administration in the 1960s. It’s supposed to measure how citizens are doing economically by adding up the unemployment rate and the inflation rate. Here’s the data going back to the late-1940s: {chart} It may come as a surprise to some people that we’re actually below average right now. Certainly, a sub-4% unemployment rate helps but the inflation rate has also come down. We’re in a weird place when it comes to how people feel and what the economic data are showing. The latest GDP report last week showed economic growth in the third ... (full story)