Sean Patrick Maloney: “I am asking my colleagues on both sides of the aisle to support the resolution I submit with my Republican colleagues...…”

“I am asking my colleagues on both sides of the aisle to support the resolution I submit with my Republican colleagues... The CPI is used to determine benefits for over 40 million Social Security recipients, as well as the benefits of millions of other pensioners. It is used to determine the cost-of-living adjustments in worker wage agreements, and the IRS uses it to determine deductions and tax brackets. That is why there is no room for political posturing with the CPI. Let us stick with the facts of the matter, and the Bureau of Labor Statistics is the agency that is most qualified to determine those facts. Policy, not politics, has driven monetary policy; and policy, not politics, should drive the CPI statistics. When Federal Reserve Chairman Alan Greenspan first explained that he thought the CPI exaggerates annual inflation, some saw the opportunity to cut the deficit without making the tough decisions. But millions would stand to lose critical income.”