The House Ways and Means Subcommittee on Social Security held a hearing on proposed changes to Social Security future benefits and the impact those changes would have on the program, future beneficiaries, workers and the U.S. economy. Proposals include raising the current retirement age and tax increases.

Now, this comparison from former chairman of the Bush-era Social Security advisory board, Syl Scheiber, really illustrates the Beltway Bubble. He tries to explain how the chained CPI is calculated:

“If the price of a Mercedes goes up, that maybe you don’t buy a Mercedes, you switch and buy an Audi or something.”