How Did The Developed World Economies Come to Be in Such a Mess? Revisions to key US statistics

Tom Usher commented or added the following:

"The changes made by the US Bureau of Labor Statistics (BLS) to the US CPI over the past three decades have been staggering. As John Williams, an economist-statistician who has made it his life's work to study US government statistics, states, 'Inflation, as reported by the Consumer Price Index (CPI) is understated by roughly 7 per cent per year [compared to that of the pre Clinton Administration]. This is due to recent redefinitions of the series as well as to flawed methodologies, particularly adjustments to price measures for quality changes.' For June 2010, the CPI (CPI-U) showed an annual gain of 1.1 per cent compared to 8.4 per cent had the 1990 methodology been used...."
"The problems surrounding the employment/unemployment statistics are similarly disturbing. One huge concern here is the uncounted millions of individuals who have given up looking for work for more than a year. If they were included, June's US unemployment rate of 9.5 per cent (BLS data) would be 21.6 per ...
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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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