Gauging prices

Whatever happens in the current debt showdown, there have been a number of different proposals -- some good, some bad -- put forward in recent weeks concerning the nation's long-term fiscal policies.

One good plan deserves to be part of the ultimate solution -- and if it isn't included in the inevitable looming compromise, it should be considered on its own in the near future.

By simply shifting to a more realistic calculation of the Consumer Price Index, the nation could save up to $300 billion over the next 10 years. "It would have a significant long-term impact on the viability of the Social Security system," an investment expert told USA Today.

Currently the CPI tracks increases in the cost of a set basket of goods that doesn't change. But economists note that people alter their behavior when prices rise -- instead of continuing to buy beef cuts as the cost soared, for instance, they might switch to less expensive chicken.

Applying this principle to the CPI would likely provide a more accurate assessment of how rising prices affect consumers and their preferences. The impact would be minimal on individual seniors or others who rely on cost-of-living increases in their checks. But the effect on the massive federal budget would be significant.

The so-called "chained CPI" has already been embraced by the bipartisan Senate "Gang of Six." If it isn't part of the eventual GOP-Obama debt deal, it should be put to Congress as a stand-alone bill.