We should maintain perspective on just how much we want to overturn the current economic system because for the moment a killer virus has hobbled its performance
In 2019, according to OECD data posted at the “FRED” data site of the Federal Reserve Bank of St. Louis, our inflation rate was 2.3 per cent and our unemployment rate 5.7 per cent for a misery index of 8.0. Since 1962, the country’s lowest misery index score was 6.4 in 1965 . So 2019 wasn’t bad — especially considering that our worst score was a hefty 21.7 in 1982 .Article content continued
Where are we now? In June, we had 0.7 per cent inflation and 12.3 per cent unemployment, for a misery index of 13.0. That puts us equal to 1989, 41st on the list of 58 years since 1962 . We’re not as bad as classic loser years like 1975 or 1979 but our misery level is much higher than we’ve grown accustomed to.
My point here is not “woe is us!”, however. As bad as the virus is, as a country we’ve been through worse. All that said, as of just five months ago the economy and society that we had were delivering historically low levels of economic misery — within just 1.6 points of our best performance in recent history, which is pretty good on a scale that ranges from 6.4 in 1965 to 21.7 in 1982.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Raptors Takeaways: Gasol returns, Anunoby's stock keeps rising - Sportsnet.caAfter the Raptors' second return-to-play scrimmage, Sportsnet's Michael Grange dug in to four key takeaways: including Marc Gasol's return, OG Anunoby's rising stock and more.
Read more »
Game on: NHL returns after months-long hiatus due to the COVID-19NHL hockey returns today after a months-long hiatus due to the COVID-19 pandemic.
Read more »
Rift between Prince William, Prince Harry laid bare in new book extractPrince William infuriated Prince Harry when he told his younger brother he should move slowly in his relationship with the former Meghan Markle, fearing that he was being 'blindsided by lust,' a new book on the Windsors says.
Read more »
Clippers‘ Williams to miss first two seeding games while under quarantine - TSN.caLos Angeles Clippers’ guard Lou Williams will undergo a 10-day quarantine on the Orlando campus after leaving the bubble on an excused absence, the NBA announced on Sunday.
Read more »
Celebrities Rally To Help Find Woman's Irreplaceable Stolen Teddy BearBoth vancityreynolds and strombo are offering $5,000 for the stuffed animal's return
Read more »
Tanzanian opposition leader who survived 2017 attack returns from exileA fierce critic of President John Magufuli’s government, Tundu Lissu was shot 16 times, mostly in the lower abdomen, in an attack by unknown gunmen in the administrative capital Dodoma in September 2017
Read more »