Jim Saxton: “As a matter of fact, if the gentleman will continue to yield on that point, the Bureau of Labor Statistics, which has…”

“As a matter of fact, if the gentleman will continue to yield on that point, the Bureau of Labor Statistics, which has the responsibility, along with calculating employment and unemployment figures, also is responsible for managing the Consumer Price Index process and the formula through which they measure the rate of increase in prices or price stability. The Bureau of Labor Statistics I have asked to report back to us by this summer on the structural makeup of the Consumer Price Index process and to make recommendations as to how the situation might be managed without legislating an arbitrary reduction which I think would be a mistake. I think your point is absolutely correct. There are people who eat and live and breathe issues that have to do with statistical analysis and how to measure the basket of goods that the Consumer Price Index measures. Our leadership is incidentally making a lot of these same points. So I am very pleased about that and hope that we will show some restraint and not look at this as an easy fix to move toward a balanced budget because I am not so sure it gets us there.”