r/Economics • u/Technical_Ostrich_47 • 17h ago

News US inflation rises more than expected ahead of midterm elections (3.7%)

https://www.bbc.com/news/articles/cwy8lx3pg4k2o
1.8k Upvotes

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u/EconomistWithaD 16h ago
  1. How is that not transparent?

  2. That happens annually; not quarterly. And it’s not a revision. It’s a change to the methodology.

    Revisions are going back in time to change the numbers. Not tweaks that will alter future ones.

So, yeah, stop acting like a child, and read from people who do understand this stuff.

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u/[deleted] 16h ago

[deleted]

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u/EconomistWithaD 16h ago edited 16h ago

The BEA doesn’t collect its own data. You’re getting on them for trying to find the most accurate sources? Fucking idiotic. One that was so “hidden” it had write ups in a major news source with plenty of economists able to identify what happened?

Let me guess. Failed those intro classes?

Would you like my class notes? I’ll provide them for free. Surely someone as intellectually honest as you would NEVER turn down an opportunity to learn from someone who actually does this stuff. Right?

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u/perestroika12 16h ago

Got it, so you don’t get it, thanks for playing!

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u/EconomistWithaD 16h ago

  1. As pointed out, you apparently don’t understand the difference between the PCE and the CPI.

  2. So you don’t want free class notes? Stupid or dishonest? Which are you.

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u/[deleted] 15h ago

[deleted]

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u/EconomistWithaD 15h ago

Let’s compare CVs. I got my PhD in economics in 2014. I have slightly under 30 published papers. I teach labor economics, health, economics, and economics of labor market discrimination. Along with the standard intro classes.

My recent research focus is on various aspects of minimum wage impacts, online gambling, and cannabis laws on their various forms on economic outcomes.

I’ve been featured in LA times, New York Times, MSNBC, as well as several regional newspapers, along with major international newspapers. notably Le Monde.

I can provide easy proof of any and all of these.

Your turn.

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u/perestroika12 15h ago

Published all those papers and still don’t get it, k

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u/furMEANoh 16h ago

Sir you don’t even know which agency you are accusing right now. There are plenty of things to be upset about right now, you don’t need to invent new ones.

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u/hoowins 16h ago

Do they post the old numbers side by side with the new numbers, at least for 2 quarters? That would be transparency. How much you want to bet the old numbers are worse than the new numbers?

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u/EconomistWithaD 16h ago

The data and methods are freely available for as long as they have calculated them.

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u/hoowins 15h ago

So what’s the old numbers?

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u/EconomistWithaD 15h ago

You need me to point out where to find the old numbers on the BLS and BEA websites? No. That’s basic stuff you should be able to do on your own. If you can’t, probably shouldn’t enter a conversation about what the data means.

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u/hoowins 15h ago

That’s the point. It isn’t transparent. Any corporation that changes accounting methods needs to explicitly show the impact of those changes.

It is impossible for you or me to take the test data they have (they don’t release the underlying data) from the month and apply those formulas. It isn’t just about the formulas, it is about having the month’s data too. They are the only ones who have both, so they have a fiduciary responsibility to the voters who pay their salaries to show us the impact of their changes.

But you know all this.

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u/hoowins 13h ago edited 13h ago

lol! So someone downvotes me when they know I’m right. The numbers are deliberately hidden (the inflation numbers if they had used last month’s data with the old formulas). They’re cooking the books.