Donald L. Losman
Abstract
In the 1990s, the Bureau of Labor Statistics made significant adjustments to the inflation rate used to set increases in social security payments. The consequence was to reduce reported inflation and therefore lower the inflation adjustment to benefit payments. But was this the right thing to do? This economist has strong and well-founded doubts.
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In the 1990s, the Bureau of Labor Statistics made significant adjustments to the inflation rate used to set increases in social security payments. The consequence was to reduce reported inflation and therefore lower the inflation adjustment to benefit payments. But was this the right thing to do? This economist has strong and well-founded doubts.
Key concepts: Inflation (cosmology), Economics, Payment, Social security, Keynesian economics, Monetary economics, Inflation rate, Monetary policy