Summary
At 100 we’d all be happy. Zero inflation, no unemployment, and a zero bank mortgage loan rate. So, to judge the happiness of the masses, deduct the inflation rate, the unemployment rate, and the cost of a housing loan, from 100. The above chart is just this, done monthly from July 1970. The lines indicate dates of previous recesions, 1974, 1983, and 1991. We weren’t feeling too good about them eit