Inflation Index Fix Could Cut Federal Deficit
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License (according to Flickr): Attribution License
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Audio for this story from Morning Edition will be available at approximately 9:00 a.m. ET. The Labor Department on Friday issues its report on inflation for the month of November. Consumer prices have been growing slowly, at an annual rate of about 2 percent. The Consumer Price Index is one of the most familiar measures in economics and politics. But some in Washington want to change the way the index is calculated, to better reflect people's shopping habits. While the proposed change is described as a technical fix, it could also cut the federal deficit by hundreds of billions of dollars over the next decade. Even though it's a small number, the inflation measure can make big waves. It's used to adjust Social Security and other retirement benefits. And like any government statistic with the potential to move markets, it's a closely guarded secret until the official announcement.
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Marc Goldwein
Overall Sentiment: -0.0972312
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| 0 | "It's not as if people are always going from steak down to chicken. Sometimes people are going from chicken to steak," he says. ... |
| 0.0346526 | "Given that the economy is still weak, we don't want massive amounts of deficit reduction right now," Goldwein says. ... |
| 0.0227963 | "Given that the economy is still weak, we don't want massive amounts of deficit reduction right now," Goldwein says. "That's the whole reason we're avoiding the fiscal cliff. It's too much deficit reduction too fast. The chained CPI is the best of all worlds, because it gives you a credible way to reduce future deficits but with barely any effect in the short term." |
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Firvita
Overall Sentiment: -0.117504
Relevance: 0.39557
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| 0.0583863 | "Obviously, more of their money goes to health care. Health care grows faster than inflation. And if folks want to have a conversation about accuracy, we would welcome adoption of a more accurate market basket. And one that really reflects the spending patters of the retired and the disabled," Firvita says. ... |
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John Greenlees
Overall Sentiment: 0
Relevance: 0.322817
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| 0 | "The areas where the people that produce the CPI work are certainly sealed off from everyone else during this period," says John Greenlees, ... |
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President Obama
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Organization: federal government
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Organization: Labor Department
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Organization: Committee for a Responsible Federal Budget
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Company: Twitter
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FieldTerminology: Consumer Price Index
Overall Sentiment: 0.193042
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City: Washington
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Source : npr.org
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Inflation Index Fix Could Cut Federal Deficit
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The Consumer Price Index is one of the most familiar measures in economics and politics. Some in Washington want to change the way the index is calculated, to better reflect consumers' shopping habits. While the proposed change is described as a technical fix, it could also cut the federal deficit by hundreds of billions of dollars over the next decade.
Source : npr.org
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