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The chapter explains that Social Security benefits are increased each year in proportion to the increase in the CPI even though most economists believe that the CPI overstates

The chapter explains that Social Security benefits are increasedeach year in proportion to the increase in the CPI, even thoughmost economists believe that the CPI overstates actualinflation. If the elderly consume the same market basket as other people,does Social Security provide the elderly with an improvement intheir standard of living each year? Explain. In fact, the elderly consume more healthcare compared to youngerpeople, and healthcare costs have risen faster than overallinflation. What would you do to determine whether the elderly areactually better off from year to year? -please type . . .

 

May 15 2020 View more View Less

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