Cleveland leads a slew of Midwestern towns on Forbes’ annual list, but thanks to high taxes New York and Chicago make it too:
The city of Cleveland has had a colorful history. The Cuyahoga River, which runs through the city, famously caught fire in 1969 thanks to rampant pollution, and it wasn’t the first time. In 1978 it became the first U.S. city to default on its debts since the Great Depression. Cleveland sports fans have had to endure more anguish than those in any other city. The city has been dubbed with a less than endearing nickname: the Mistake by the Lake.
This year Cleveland takes the top spot in our third annual ranking of America’s Most Miserable Cities. Cleveland secured the position thanks to its high unemployment, high taxes, lousy weather, corruption by public officials and crummy sports teams (Cavaliers of the NBA excepted).
Misery was on the rise around the country last year. Sure the stock market was up big, but so were unemployment, foreclosures and bankruptcy filings. Meanwhile housing prices, the U.S. dollar and approval ratings for Congress continued their downward spiral.
The widely tracked Misery Index initiated by economist Arthur Okun, which combines unemployment and inflation rates started 2009 at 7.3 and rose to 12.7 by the end of the year thanks to soaring joblessness. That is the highest level since 1983…
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