COTW: Unchain My CPI

Think US Person is off his keypad about inflation? No, no, no, my friend! It is the government that is misrepresenting inflation since among other things the core index excludes food and energy costs. The government has been monkeying around with inflation calculations for the past 35 years, and has good reason to do so. It owes $16.7 trillion. If inflation rises, interest rates follow and increases the carrying cost of that huge debt. Just look at this chart from the St. Louis Federal Reserve:

What does B.O'Drama want to do about inflation? He wants to use a rate even lower than the official CPI to adjust Social Security and entitlement COLAs! While the official CPI has been flatlined at 2% the "chained" CPI is at 1.8%. This bit of prestidigitation is accomplished by assuming the consumer will substitute products when certain items get too expensive.  For example, buying chicken when beef gets too pricey.  Assuming substitution results in a calculated inflation rate which is usually lower than the actual or official rate. Fed chairman Alan Greenspan suggested this idea years ago, but coming from an alleged "liberal" President it is heresy.   Want to save Social Security? Take the cap off salaries subject to FICA!