How would the 1.1 percentage point reduction in the CPI inflation rate revise or change the level of wages in the United States? Were individual's incomes higher or lower than what economists previously had thought under the Bureau of Labor Statistics' (BLS) prior formulation of the CPI?

Group of answer choices

Under the Boskin adjusted data, the real wage in 1980 was $26,405.288. This is much lower than the nominal wage of $13,832 calculated using the BLS data. Therefore, under the Boskin adjusted data nominal wages were much lower than previously thought.

Under the Boskin adjusted data, the real wage in 1980 was $26,405.288. This is much lower than the real wage of $38,867.92 calculated using the BLS data. Therefore, under the Boskin adjusted data wages were much lower than previously thought. This means that if you adjust or tinker with historic inflation rates it will lead to a rewriting of economic history.

The adjustment to the inflation rate would lead to the real wage in 1980 being much higher than previously thought.

There is not enough available information to answer.