Tag: socialists

The Misery Index: A Look Back at Bulgaria’s Elections

With Bulgaria’s May 12th election fast approaching, it is useful to reflect on past elections and the resulting economic performance of each elected government. To do this, I have developed a Misery Index inspired by the late Prof. Arthur Okun, a distinguished economist who served as an adviser to U.S. President Lyndon Johnson.

The Misery Index measures the level of “misery” in the economy. My modified Misery Index is equal to the inflation rate, plus the bank lending rate, plus the unemployment rate, minus the annual percent change in GDP.

An increase in the Misery Index indicates that things are getting worse: misery is increasing. A decrease in the Misery Index indicates that things are improving: misery is decreasing. The accompanying chart shows the evolution of Bulgaria’s Misery Index over time.  

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The Socialist Party government of Prime Minister Zhan Videnov created hyperinflation and a lot of misery. The Misery Index under the Videnov government’s watch peaked at 2138 in the first quarter of 1997. That number isn’t shown on the accompanying chart—if it was, the chart would take up an entire page of Trud.

So, the chart starts in the second quarter of 1997, with the Kostov government. Shortly after Kostov took power, Bulgaria installed a Currency Board System, based on a draft Currency Board Law, which I authored at the request of President Petar Stoyanov. The Currency Board brought an end to Bulgaria’s hyperinflation, which peaked with a monthly inflation rate of 242%, in February 1997.

How Many Senators Are More Liberal than the Socialist One?

In a profile of the poetry-reading chief of staff to Sen. Bernie Sanders (I-VT), the Washington Post calls Sanders not only “the only socialist in the U.S. Congress,” but also “surely [the Senate’s] most liberal [member].” Surely. I mean, he’s a socialist, right? (And by the way, that isn’t a label that Sanders rejects.)

Well, maybe not. According to the National Taxpayers Union, 42 senators in 2008 voted to spend more tax dollars than socialist Bernie Sanders. They include his neighbor Pat Leahy; Californians Barbara Boxer and Dianne Feinstein, who just can’t understand why their home state is in fiscal trouble; and the Eastern Seaboard anti-taxpayer Murderers’ Row of Kerry, Dodd, Lieberman, Clinton, Schumer, Lautenberg, Menendez, Carper, Biden, Cardin, and Mikulski. Don’t carry cash on Amtrak! Not to mention Blanche Lambert Lincoln and Mark Pryor of Arkansas, who apparently think Arkansans don’t pay taxes so federal spending is free. Sen. Barack Obama didn’t vote often enough to get a rating in 2008, but in 2007 he managed to be one of the 11 senators who voted for more spending than the socialist senator.

Meanwhile, the American Conservative Union rated 11 senators more liberal than Sanders in 2008, including Biden, Boxer, Feinstein, and again the georgraphically confused Mark Pryor. The Republican Liberty Caucus declared 14 senators, including Sanders, to have voted 100 percent anti-economic freedom in 2008, though Sanders voted better than 31 colleagues in support of personal liberties.  The liberal Americans for Democratic Action provides more support for the Post’s claim, rating Sanders 100 percent liberal. Most raters, though, don’t see it that way. In this compilation of ratings from left-leaning interest groups, 17 senators get higher scores than Sanders.

It almost seems that an avowed socialist is middle-of-the-road among Senate Democrats.