A little noticed aspect of the fiscal cliff deal between congressional Republicans and the White House involved the establishment of a new way to calculate the federal inflation rate. Now we will have the so-called “chained consumer price index.” The chained CPI literally assumes that, as products increase in price, we don’t have to actually counts them as having increased in price because consumers can replace those more expensive items with cheaper substitutes. This allows the government to claim that inflation is lower or nonexistent, thus denying recipients of Social Security and other federal entitlement programs their right to a cost of living increase.
Ted Rall is the political cartoonist at ANewDomain.net, editor-in-chief of SkewedNews.net, a graphic novelist and author of many books of art and prose, and an occasional war correspondent. He is the author of the biography "Trump," to be published in July 2016.