Kevin Phillips has a great piece in the current Harpers about how the economy is much shakier than is painted by official stats. Essentially, they've been tweaking the meaning of the Consumer Price Index, unemployment, etc. for decades, and if we used the older standards our rates wold be far more worrisome. Our unemployment rates would be close to those in Europe, etc.
Here's a telling line:
'"All in all," Williams points out, "if you were to peel back changes that were made in the CPI going back to the Carter years, you'd see that the CPI would now be 3.5 percent to 4 percent higher"—meaning that, because of lost CPI increases, Social Security checks would be 70 percent greater than they currently are.'