The index, first compiled during the soaring inflation days of the 1970s by economist Arthur Okun, is registering a nausea-inducing 12.7—9.1 percent for unemployment and 3.6 percent for annualized inflation—a number not seen since 1983. The index has been above 10 since November 2009 and had been under double-digits from June 1993 through May 2008.

The good news, of course, is that the Fed-led Paul Volcker embarked on a highly successful inflation-slaying campaign that brought the level of misery down sharply through the rest of the ’80s recovery decade.

The bad news, of course, is all the bad news.