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mandevil 3 days ago

Yes, and both William Beach (the one confirmed under Trump in 2019 who served through most of Biden's term) and Erika McEntarfer (the one confirmed under Biden who was just fired by Trump) talked about how they wanted to improve the methodology.

Because these numbers are so important- to journalists, to the Fed, to financial markets, etc. they wanted a few million dollars extra, over a few year period, to run the new methodology and the old methodology side-by-side for a significant portion of a business cycle, to understand the differences before they switched, and to gain confidence in the system. Because an important part of this particular data set is what it signals to those others, it is important not to move quickly with this data set, but to give time for everyone to understand all the nuances. It's things like, how the market views the meaning of corrections would be different under a different system, and so they want time so that they themselves and all those other people whose jobs depend on understanding it to be fully aware.

Basically, they wanted to run a blue-green deployment strategy for their updates, but couldn't get the budget for it- and their budget has instead been cut so far. So they have prioritized continuing the system that everyone understands rather than experimenting with new things that no one understands. Because these are smart, well educated people who spend their entire lives thinking about these problems, and understand how the data is used, this is something they have thought about a lot and want to do the best job they can.