(PRWEB) May 02, 2013
Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt, has weighed in on the latest developments in the public debate over the national debt.
“Adopting the chained CPI is a technical improvement to the way inflation is measured – it is neither a ‘tax increase’ nor a ‘benefit cut’ as some special interests prefer to describe it,” said MacGuineas in a statement. “Lawmakers should act now to ensure that the government is using the most accurate measure of inflation and thus raising revenue and paying benefits at levels reflecting the intent of the law – no more and no less."
The United States Chained Consumer Price Index or chained CPI, has been championed by media organizations such as the Washington Post and advocacy groups such as the Committee for a Responsible Federal Budget and the Heritage Organization. Numerous bi-partisan committees have also voiced their support for the plan, which is a time series measure of price levels of consumer goods and services that was drafted by the Bureau of Labor Statistics to provide an option other than the Consumer Price Index.
However there is opposition to the chained CPI from such groups as AARP (American Association of Retired Persons), the AFL-CIO, and the Social Security Works. Opponents of the chained CPI feel it would lead to inordinately stunting the growth of programs such as Social Security and Supplemental Security Income. In her statement, MacGuineas dismisses such opposition as unfounded.
“While economists from across the ideological spectrum agree on the accuracy of the chained CPI, interest groups from both the left and right are invested in the status quo, because it serves their own narrow purposes,” continued MacGuineas, who, in addition to leading the Campaign to Fix the Debt is the President of the Committee for a Responsible Federal Budget, a bipartisan organization focused on educating the public regarding issues related to fiscal policy.
“Fortunately for Americans, our elected leaders have sworn to serve a higher interest: the national interest. The Campaign to Fix the Debt urges our leaders to keep all deficit-reducing policy options on the negotiating table – especially options that represent a simple technical correction with strong bipartisan support.”
The Campaign to Fix the Debt is a non-partisan movement to put America on a better fiscal and economic path. The Campaign is composed of individuals from different social, economic and political perspectives who are united by a common belief that America’s growing federal debt threatens the future of the country and must be addressed.