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ADOPT AN IMPROVED MEASURE OF
THE CONSUMER PRICE INDEX (CPI)
Use the chained CPI, a more accurate measure of inflation, to calculate the Cost of Living Adjustment for Social Security beneficiaries.
As with the rest of the mandatory budget and the tax code, we recommend relying on the “chained CPI” to calculate the Cost of Living Adjustment (COLA) in Social Security, rather than the standard CPI. The Bureau of Labor Statistics has stated that the chained CPI is designed to more closely approximate a cost-of-living index than the standard CPI, and experts on both sides of the aisle have supported this technical improvement to the index.
Evidence:
United States. White House. "The National Commission on Fiscal Responsibility and Reform." December 2010