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Congressional Record—Senate S1034 S1034 CONGRESSIONAL RECORD — SENATE February 5, 1997 countries will take their rightful place the cost of living in the United States by 1.1 to compute our current measure of in- as members of Europe. percentage points; flation, the CPI. The panel also in- NATO played an important in part in Whereas Dr. Alan Greenspan, Chairman of cluded leading experts in the field of securing this freedom. It has been the the Board of Governors of the Federal Re- price indexes, they include: serve System, has testified before the Senate Dr. Dale Jorgenson, Harvard Univer- most successful defensive alliance in Finance Committee that ‘‘the best available history. It is an alliance that helped us evidence suggests that there is virtually no sity; Dr. Ellen Dulberger, IBM Personal win the cold war. It deterred war be- chance that the CPI as currently published Computer Company; Dr. Zvi Griliches, tween the super powers, and it helped understates’’ the cost of living and that Harvard University; and Dr. Robert prevent confrontations between mem- there is ‘‘a very high probability that the up- Gordon, Northwestern University. ber states. ward bias ranges between 1⁄2 percentage point In their interim report, released in But if NATO is to survive, it must per year and 11⁄2 percentage point per year’’; September 1995, the Boskin Commis- adapt to meet the needs of the post- Whereas the overstatement of the cost of sion concluded that the upward bias living by the Consumer Price Index has been cold-war-World—or it will become ir- using changes in the Consumer Price recognized by economists since at least 1961, Index to estimate changes in the true relevant. when a report noting the existence of the NATO has evolved since we created it overstatement was issued by a National Bu- cost of living is about 1 percentage in 1949. We have enlarged NATO on reau of Economic Research Committee, point per year. three different occasions. Each new chaired by Professor George J. Stigler; Dr. Boskin and the other four com- member strengthened NATO and in- Whereas Congress and the President, mission members have now completed creased security in Europe. through the indexing of Federal tax brack- their final report and have concluded Today, we are facing very different ets, Social Security benefits, and other Fed- that this critical government statistic eral program benefits, have undertaken to threats to security and stability in Eu- is not as accurate as possible. Since protect taxpayers and beneficiaries of such this report suggests that the Consumer rope. We have hot spots caused by eth- programs from the erosion of purchasing nic and regional tensions. We have Price Index has an annual upward bias power due to inflation; of about 1.1 percent, clearly this is a civil wars—as in Bosnia. And we have Whereas Congress and the President in- significant finding and should be taken international crime, drugs, and ter- tended the indexing of Federal tax brackets, seriously. rorism. NATO must change and expand Social Security benefits, and other Federal program benefits to accurately reflect Dr. Boskin and his colleagues have to meet these new threats. also suggested to the Finance Com- The countries of Central and Eastern changes in the cost of living; and Whereas the overstatement of the cost of mittee that a new measure of the true Europe want to help us address these living increases the deficit and undermines cost of living may be needed. new threats. How many times has the the equitable administration of Federal ben- Inaccurate government statistics— Senate discussed burden sharing in Eu- efits and tax policies: Now, therefore, be it particularly one as important as the rope? How often have we complained Resolved, That it is the sense of the Senate CPI—are unacceptable. Steps should be that European countries were not will- that all cost-of-living adjustments required by statute should accurately reflect the best taken to change the procedures so that ing to pay their fair share for their own the measure of the CPI is as accurate defense? available estimate of changes in the cost of living. as possible. Now we have countries that are ask- I want to stress that any action we Mr. ROTH. Mr. President, today, my ing to share the burden. They are ask- take on this report must be broadly friend PAT MOYNIHAN and I are submit- ing to pledge their troops and equip- and deeply bipartisan. ting a sense-of-the-Senate resolution ment for the common defense. They are We must also have the full coopera- regarding the accuracy of the Con- asking to share the burden of peace- tion of and leadership by the Clinton sumer Price Index. Last week the Fi- keeping—in fact they are doing it right administration. I hope the President nance Committee kicked off our first now in Bosnia where thousands of will not miss an opportunity to address hearings of the 105th Congress with a troops from Poland, Hungary, the this issue in his fiscal year 1998 budget very distinguished panel of experts in Czech Republic, the Baltics, Ukraine, he submits to the Congress this week. the field of economics and Dr. Alan and others are helping to secure the Clearly this reform will not be success- Greenspan, Chairman of the Board of peace. ful without the President’s leadership. These countries are not asking for a Governors of the Federal Reserve Sys- Mr. MOYNIHAN. Mr. President, handout. They are not asking for our tem. might I first take the opportunity to protection. They are asking to be full Mr. President, probably the most sig- congratulate the chairman for this ini- partners in the new Europe. By trans- nificant issue that faces Congress this tiative. It is characteristic of his lead- forming their countries into free mar- year is the accuracy of the Consumer ership of the Finance Committee, ket democracies, they have earned this Price Index, and I believe that Con- which is bipartisan whenever that is right. gress and the President need to seri- possible, which is factual, which seeks Mr. President, NATO is moving to- ously address the economic ramifica- evidence and answers. ward enlargement. In July President tions of an accurate CPI. This sense-of-the-Senate resolution Clinton will join the leaders of our One of the roles in government is to recognizes the mounting evidence that, NATO partners in naming the first protect American families from infla- contrary to the intent of the Congress countries to be asked to join NATO. tion. In doing so, it is important that and the President, Federal tax provi- This resolution states that the U.S. we are able to precisely measure infla- sions, Social Security benefits, and Senate stands with our President as he tion. other Federal program benefits are leads our effort to prepare NATO for I cannot emphasize too greatly—that being overadjusted for inflation. the 21st century. I urge my colleagues is what these discussions are all The resolution expresses the sense of to join us in supporting this resolution. about—the accurate measurement of the Senate that: inflation. If the index is too high, it f * * * all cost-of-living adjustments re- overcompensates retirees and others quired by statute should accurately reflect SENATE RESOLUTION 50—REL- and undertaxes many taxpayers. If it is the best available estimate of changes in the ATIVE TO COST-OF-LIVING AD- too low, it undercompensates retirees cost of living. JUSTMENTS and overtaxes the taxpayer. What we In its final report issued on December Mr. ROTH (for himself and Mr. MOY- want in fairness to all is as accurate an 4, 1996, the Advisory Commission to NIHAN) submitted the following resolu- index as possible. Study the Consumer Price Index—the tion; which was referred to the Com- Obviously, this is a very sensitive Boskin Commission concluded that: mittee on Finance: issue, affecting retirees and taxpayers While the CPI is the best measure cur- rently available it is not a true cost of living S.RES. 50 directly as well as wage earners and others. index. .. Whereas the final report of the Senate Fi- nance Committee’s Advisory Commission to In the spring of 1995, the Senate Fi- The Boskin Commission concluded Study the Consumer Price Index, chaired by nance Committee appointed a blue rib- that the CPI overstates the cost of liv- Professor Michael Boskin, has concluded bon commission, headed by Dr. Michael ing in the United States by 1.1 percent- that the Consumer Price Index overstates Boskin, to study the methodology used age points. VerDate Mar 15 2010 21:55 Oct 24, 2013 Jkt 081600 PO 00000 Frm 00054 Fmt 0624 Sfmt 0634 E:\1997SENATE\S05FE7.REC S05FE7 mmaher on DSK5TPTVN1PROD with SOCIALSECURITY February 5, 1997 CONGRESSIONAL RECORD — SENATE S1035 The Commission’s findings are very to teach me to the extent I was teach- with adjustments for quality improve- much in line with the prevailing pro- able. They even shared professional ments; that is, it is close to the 1.1 per- fessional judgment of economists as to confidences. And so it was that I came centage point estimate of the bias. the size of the upward bias in the CPI. to have some familiarity with the field. I hope we will have broad support for In October 1994, in a memorandum to Upon our arrival in Washington with this resolution on both sides of the the President entitled ‘‘Big Choices’’, the new administration in 1961, we had aisle, and that we will do the Republic then-OMB Director Alice Rivlin stated waiting for us a report on price indexes some good today.
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