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Re “Index Overstates Inflation Rate, U.S. Panel Finds,” Dec. 4: If I substitute chicken for beef or Golden Delicious apples for Granny Smith, it is ridiculous to conclude that this reduces the consumer price index and inflation. What has really happened is that inflation has caused me to reduce my standard of living.
The most insidious result of inflation is a reduced standard of living, and it is the major reason that we need a balanced budget. The Senate panel’s conclusion that the CPI is overstated is wrong. If anything, the CPI understates the rate of inflation.
SHELDON C. SHALLON
Los Angeles
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