As a practical matter, the time most people (in the States) live by is set by the phone company, which is usually ~4 minutes off from "official" atomic colock time.
Do you have a cite for this? My cellphone (from Nextel/Sprint) syncs to the local tower and is less than 1 second off from NIST's official US time. Even in the past I remember phone company "at the tone the time will be..." services to be within a minute (my father worked for the weather service, I had access to atomic clock time when i was at his office after school.)