The Mismeasurement of America - by Gene Ludwig (Hardcover)

Book Synopsis

The Mismeasurement of America reveals, at long last, why public perceptions of the economy differ so drastically from prevailing statistics. The truth turns out to be disconcerting: The statistics are misleading.

Here we find the roots of growing public resentment. Despite headlines heralding growth and prosperity, most Americans have fallen behind. They're working harder year upon year not to get ahead but merely to stay apace. For them, the American dream appears to be slipping farther and farther away.

Beneath the resentment is something else: The misleading statistics that shape our understanding of reality are steering powerful policymakers to make misguided decisions at the federal, state, and local levels alike. And, for most Americans, the results continue to be catastrophic.

How did we get here? Having spent the better part of the last forty years working on economic policy, former US Comptroller of the Currency Gene Ludwig walks readers through the research done by the economic team at the Ludwig Institute for Shared Economic Prosperity. In the process, we see how outdated definitions have skewed our perceptions of:

• Unemployment
• Wages
• Inflation
• Upward mobility and growth

The Mismeasurement of America presents new and better ways to understand what's really happening in the American economy. To save the American dream, we need good economic indicators. In these pages, Gene Ludwig shows us how to get there.

Review Quotes

"In The Mismeasurement of America, Gene Ludwig describes how conventional measures of economic performance don't reveal the true state of the economy for many Americans. Ludwig critiques the measures we use and proposes new ways to capture central forces like inflation, which can be much higher for Americans who are struggling than the headline numbers suggest."
-- Robert E. Rubin, Cochair Emeritus, Council on Foreign Relations, and former US Treasury Secretary

"In The Mismeasurement of America, Ludwig, deploying a forensic team of economic statistic experts, unflinchingly dissects our most commonly quoted statistics, like inflation and earnings, revealing them to be deficient in reflecting most Americans' economic experiences."
--Sarah Bloom Raskin, former deputy secretary of the US Department of the Treasury

"A readable and impassioned plea to restore the American dream."
--Isabel Sawhill, Senior Fellow Emeritus at the Brookings Institution

"Grounded in thoughtful research, The Mismeasurement of America cuts through to the truth and shows us how to make economic opportunity and fair play real for all."
-- Glenn Hubbard, Russell L. Carson Professor of Economics and Finance, Columbia University, and former Chair of the President's Council of Economic Advisers

"In Gene Ludwig's new book, he doesn't blame the bureaucracy for politicizing economic data. He reveals the more banal but insidious truth: The conception, collection, and publication of much of our economic data is deeply flawed. Misleading data leads to misguided economic decision-making, undermining the residual trust between the elected and the electorate."
--Kevin Warsh, former Governor of the Federal Reserve

"With his signature thoughtful, research-driven approach, Ludwig gets to the heart of the economic anxiety so many Americans experience, and what policymakers across the political spectrum are missing. A must-read for those who care about a better future for America."
--Deval Patrick, investor, business executive, lawyer and former Governor of Massachusetts

About the Author

Gene Ludwig, 27th Comptroller of the Currency, is a business and civic leader and expert on banking, regulation, risk management, and fiscal policy. In 2019, he founded the Ludwig Institute for Shared Economic Prosperity (LISEP), a nonprofit dedicated to improving the economic well-being of low- and middle-income Americans through research and education.

His writing has appeared in The New York Times, The Wall Street Journal, The Atlantic, Politico, the Financial Times, and TIME. He holds a master's degree from Oxford University and a JD from Yale University, where he was on the Yale Law Journal and chairman of Yale Legislative Services. He is the author of The Vanishing American Dream and The Mismeasurement of America.