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Being a Government Documents Librarian (and gov info junky) I was wide awake when on my morning radio news I heard mention of the Consumer Price Index and a desire to change how it's calculated resulting in a shift of the health of our economy.
For those that might not know anything of the Consumer Price Index here is a brief explanation. The Bureau of Labor Statistics defines the Consumer Price Index (CPI) as "a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services." The CPI is used in a variety of ways, most commonly as...
The CPI is typically represented by a very small number. The most recent release ("The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.3 percent in November on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today") required an army of researchers visiting grocery stores, gas stations, retail sales outlets and reviewing electric, gas and water bills to compile a mass of data that was crunched down to 0.3 percent.
Redesigning how the CPI is calculated could potentially shave more than $200 billion off the U.S. deficit over the next decade. I'm not much of a mathematician or statistician, but I am a consumer and that's a lot of loaves of bread and tanks of gas.
Though the redesign is merely proposed you can guess that this documents librarian will have her ears open with the news on and will let you know what, if anything, becomes of the discussion.