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you're pretty funny. 1st you say cpi is not underestimating inflation, now you're saying that ok it is underestimating it, but that's a good thing. lol.
btw, I don't think it's true that cpi overstated inflation before, although that is not a hard opinion, it just seems like common sense.
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you're right. you know more than people that study it and biases they've found. look them up, here they are outlined in the shortest possible form:
Link
NOTE: this cite just summarizes the bias in the shortest manner i could find. innumerable papers written by authors for academic journals can be found and if i had access to JSTOR i'd cite them. you can look online for BLS and other ("biased") sites to find out the level of work put into finding those biases.
previously, i didn't htink it was understated based on reading those studies. reading greenspan's objection agreed with those studies (i.e. it was overstated). now that they seem to have changed the construction, it could be understated now, or, it could be close to even. i'd bet now though it is likely to be understated. but at least i'm gathering info and forming an intelligent opinion based on facts and studies.
glad you think i'm funny and can provide you with amusement.
Barron