Well maybe this is one reason that Essence Reaver is underwhelming
I got CDR from other sources throughout the game, so I know CDR in general isn't bugged
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This isn't a bug with Essence Reaver, this is a bug with the Mirage Blade item. For some reason, it seems to give -10% CDR.
I think that 
would be viable if they increased the lifesteal and gave it some spellvamp, kind of stupid how there's no spellvamp when most people who use this are caster ADCs. Only ADCs that I can think of that are good with it are Sivir, Urgot, and Ezreal.
Aside from that, I've never actually noticed that ER doesn't give the CDR it says? Hopefully Riot fixes it and maybe even gives it a small buff.
Is..Is
Is that Atma's?
EDIT: That's weird though. I guess not enough people used it to see if it was actually giving CDR. lol
Honestly I think they should just go through with the old Soul Sickle idea. A "smaller" version of the item, since Essence Reaver solves early game problems as a mid game item, with underwhelming stats.
+ 
= Soul Sickle
+20 attack damage
+10% life steal
+50% base mana regen
UNIQUE Passive: +10% cooldown reduction
Soul Sickle + 
=
+80 attack damage
+10% life steal
+100% base mana regen
+10% cooldown reduction
UNIQUE Passive: +10% spell vamp
UNIQUE Passive: restores 2% to 8% of damage dealt as Mana. This effect increases based on missing Mana.
This effect is reduced to one third effectiveness for area of effect spells.
Or maybe they could combine the spell vamp, lifesteal and passive into one unique passive, like: UNIQUE Passive: Restores 2% to 8% of damage dealt as Mana and 10% of damage dealt as Health. The Mana portion of this effect is increased based on missing Mana. This effect is reduced to one third effectiveness for area of effect spells.
There's a number of reasons ER is underwhelming, it's a wonderful concept, but needs tweaking.