ASSEMBLY SENIOR ISSUES, TOURISM AND GAMING COMMITTEE

 

STATEMENT TO

 

ASSEMBLY RESOLUTION No. 8

 

STATE OF NEW JERSEY

 

DATED: MAY 15, 1997

 

      The Assembly Senior Issues, Tourism and Gaming Committee reports favorably Assembly Resolution No. 8.

      This Assembly resolution memorializes the Congress of the United States to reject the findings and recommendations of the Boskin Commission with respect to the Consumer Price Index. In December of 1996, that commission of economists reported to Congress that the Consumer Price Index overstates inflation by 1.1 percentage points. As an economic indicator, the Consumer Price Index is used extensively for cost-of-living adjustments to Social Security payments and other benefits. The resolution states that the Boskin Commission's findings fail to take into consideration that inflation has increased at a faster rate for senior citizens than for the general population, in part, because health care costs have risen dramatically in recent years.