Tom Keane’s description of “chained CPI” is very clear, but his analysis of the proposed change to how the Consumer Price Index is used to calculate Social Security is utterly wrong (“Touching the third rail,” Op-ed, April 21). The existing CPI formula is not a “goodie.”
Let’s say this year I buy steak. Then inflation or a dip in my income forces me to switch to chicken. That’s a perfectly sensible situation. Then what? My career progresses, income picks up, and it’s steak again. Again, pretty easy to grasp this dynamic of inflation.