But only because Democrats want it to be part of the “Grand Bargain” in the debt ceiling battle coming up in February.
Digby has a suitably acidic response to dumbass faux liberal Ruth Marcus, who thinks cutting Social Security checks for elderly and disabled Americans is just a peachy keen way to reduce a deficit that those benefits had zero part in creating:
The [current CPI] fails to account for what economists call upper-level substitution bias, and what my mother would call plain common sense: If the price rises for a certain commodity in the basket of goods used to measure inflation, consumers will choose a cheaper alternative. In my house, when the price of beef soars, we substitute chicken — …
Yes, I’m quite sure the price of beef is always a huge concern for an elite columnist at one of the world’s most influential newspapers. In that column, the allegedly liberal Ruth Marcus went on to heartily endorse the change, saying that the White House had assured her that the most elderly poor will be taken care of so it’s all good. And then I’m sure she rushed into the kitchen to figure out how to stretch her meager weekly ground beef allotment for another few days. Oatmeal added to the meatloaf can be quite nourishing, don’t you know?
Ezra Klein has more on why chained CPI is such a bad idea.