Obama Misery Index (OMI) Continues Relentless Rise in October
Due a sharp rise in the number of unemployed, reflected in the increase in the U.S. unemployment rate to 10.2%, the Obama Misery Index (OMI) continued its upward trend in October. The OMI measures the combined change in the public debt and unemployment since President Obama was inaugurated. Since January 21, 2009, the number of unemployed Americans and the U.S. public debt have soared by a combined 54 percentage points.
Despite the Administration’s claims that its stimulus plan is working, another 190,000 jobs were eliminated last month. Rather than heed the warning, the Democrats on Saturday night pushed through the House a more than $1 trillion government takeover of health care containing more than $730 billion in job-killing tax hikes.
Source: Ways and Means staff calculations, using Department of Labor and Department of Treasury data