Editorial: Pampered pols balance budget at seniors' expense

Led by the Senate’s Gang of Six, elected officials claim the Consumer Price Index (CPI) is not a fair gauge of how higher prices affect consumers. These Washington policy makers propose using a “chained CPI” – as opposed to the current CPI – to calculate annual benefit adjustments. The chained CPI purports to reflect how consumers alter spending in response to changes in prices. Social Security has had an automatic cost-of-living increase since 1975, at least until 2008 — since no increases have been given since that year. The huge inflation increase projected by the Congressional Budget Office for 2012 is 1.1 percent. Obviously too much for the people in Washington, D.C., whose taxpayer-funded pensions never go down —no matter if the nation is in an economic boom or serious recession. The chained CPI has been termed a “basket case” theory. Instead of bundling economic indicators to determine higher prices, the theory of chained CPI is that consumers substitute items when prices on other items rise. If someone can’t afford beef, for example, they’ll buy chicken. Under that rationale, if gas continues to rise, apparently seniors will chose to walk. Led by the Senate’s Gang of Six, elected officials claim the Consumer Price Index (CPI) is not a fair gauge of how higher prices affect consumers. These Washington policy makers propose using a “chained CPI” – as opposed to the current CPI – to calculate annual benefit adjustments. The chained CPI purports to reflect how consumers alter spending in response to changes in prices. Social Security has had an automatic cost-of-living increase since 1975, at least until 2008 — since no increases have been given since that year. The huge inflation increase projected by the Congressional Budget Office for 2012 is 1.1 percent. Obviously too much for the people in Washington, D.C., whose taxpayer-funded pensions never go down —no matter if the nation is in an economic boom or serious recession. The chained CPI has been termed a “basket case” theory. Instead of bundling economic indicators to determine higher prices, the theory of chained CPI is that consumers substitute items when prices on other items rise. If someone can’t afford beef, for example, they’ll buy chicken. Under that rationale, if gas continues to rise, apparently seniors will chose to walk.

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