Why are Americans miserable?

BofA with the note:

In the late-1960s, Arthur Okun created a simple statistic to capture the cost of stagflation. His“misery index” simply added the unemployment rate to headline inflation. Over time the index dropped off the radar screen, but it may be time for a comeback. Tomorrow both we and the consensus expect year-over-year CPI inflation to rise from 5.4% to 5.9% for October.This more than offsets the drop in the unemployment rate, boosting the misery index to 10.5%. That is the highest in recent decades, outside of a couple years around the Great Financial Crisis, and the 1990 recession and oil price spike (Exhibit 1).

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