The "Chained" Consumer Price Index under consideration to set cost of living adjustments for social security sounds like a real scam.
The "Chained" Consumer Price Index makes the assumption that as prices increase, consumers will turn to lower cost alternatives.
This thereby reduces the amount of inflation they "experience". What a bunch of malarkey. Consumers turn to low cost alternatives when they can not afford otherwise. This plan sounds like it could have an ever increasing spiral effect.
The next "Chained" Consumer Price Index would just assume consumers would turn to yet an even lower cost alternative.
Social security is all some retirees have.
They earned it and deserve a true cost of living adjustment and not a political fabrication.
Submitted by Virtual Newsroom