A chained CPI is based on the idea that if one product becomes more expensive -- steak, for instance -- consumers will switch to a cheaper substitute -- say, chicken -- thereby spending the same amount for food. The chained CPI would make the same switch, dropping steak from its measure of inflation and replacing it with chicken, resulting in a lower tally of inflation and, if linked to Social Security, lower payments to seniors.
http://www.huffingtonpost.com/...
Why stop with chicken?
When that gets too expensive, The "Grans" can eat Kibble. When that gets too expensive, give Palin's "Death Panels" a ringie dingie.
The Soylent Green factory won't pay much for Granny if she's too skinny.