Let them count the ways by too extensively quoting from their piece: The difficulty in measuring the size of a nation’s economy is two-fold.3 First, there is insufficient data to directly measure the number and size of all transactions in an economy, or to monitor all economic activity.
Thus, fluctuations in the nominal value of economic activity can be due to real changes in economic activity, measurement error of economic activity, or changes in the value of a currency.
There has obviously been a lot of juking the economic numbers to make the economy look better than it is, but this report from the Brownstone Institute explains that systemic flaws in how economic statistics are generated account for some of the disparity between the statistics and our observations.
As I have said several times, the relatively new Brownstone Institute has become indispensable.
The say it better than I could, but let me share their bottom line: People are indeed worse off, even if the official stats don't say so.
The biases of the people adjusting can make the stats say what they want or at least what they guess is the case.
This is why bureaucrats and politicians are shocked that everybody is unhappy. They look at the stats and say, "not so bad," because they really seem not so bad. You, who live in the real world, experience declines in your economic security and standard of living because things really are bad.
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