The Obama administration and House Republicans have reportedly discussed applying the Chained Consumer Price Index (Chained CPI) to the federal budget as part of a “grand bargain” to reduce deficits and debt. The Chained CPI is intended to be a better measure of inflation, but there is no agreement over whether it is a better basis for calculating Social Security cost-of-living adjustments and numerous other aspects of federal spending and the tax code. David Certner, legislative counsel and director of legislative policy for government affairs at the American Association of Retired Persons, and AEI’s Andrew G. Biggs will discuss how the Chained CPI should fit into our thinking regarding Social Security and the federal budget.

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