When the Washington Post Calls the Chained CPI "More Accurate," They Mean They Like It

A Washington Post editorial arguing for the adoption of a budget proposal put forward by Representative Scott Rigell applauded the plan's call for using the chained CPI for indexing all taxes and benefits, including Social Security. It described the chained CPI as "more accurate."

The chained CPI will typically show a lower rate of inflation than the CPI currently used since it accounts for substitutions in consumption, as people change their consumption patterns in response to changes in pri...