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    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

    Professor David Marcinko was a board certified surgical fellow, hospital medical staff President, public and population health advocate, and Chief Executive & Education Officer with more than 425 published papers; 5,150 op-ed pieces and over 135+ domestic / international presentations to his credit; including the top ten [10] biggest drug, DME and pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published academic text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

    Dr. David E. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner® who was named “Health Economist of the Year” in 2010. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, economics trade journals and publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News] etc.

    Later, Dr. Marcinko was a vital and recruited BOD  member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

    Dr. David E. Marcinko’s professional memberships included: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA, FPA and HIMSS. He was a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

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Macro-Economics and What the ‘Chained CPI’ Could Mean for Social Security?

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Definition of Chain-Weighted CPI

By Dr. David Edward Marcinko MBA

Dr David E Marcinko MBAAn alternative BLS measurement for the Consumer Price Index (CPI), removing the biases associated with new products, changes in quality and discounted prices.

The chain weighted CPI incorporates the average changes in the quantity of goods purchased, along with standard pricing effects. This allows the chain weighted CPI to reflect situations where customers shift the weight of their purchases from one area of spending to another.

Read more: http://www.investopedia.com/terms/c/chain-linked-cpi.asp#ixzz2FdiMs25f

information

Investopedia Example:

The chain weighted CPI incorporates changes in both the quantities and prices of products. For example, let’s examine clothing purchases between two years. Last year you bought a sweater for $40 and two t-shirts at $35 each. This year, two sweaters were purchased at $35 each and one t-shirt for $45.

Standard CPI calculations would produce an inflation level of 13.64% 

((1 x 35 + 2 x 45)/ (1 x 40 + 2 x 35)) =1.1364

The chain weighted approach estimates inflation to be 4.55%

((2 x 35 + 1 x 45)/ (1 x 40 + 2 x 35)) =1.0455.

Using the chain weighted approach reveals the impact of a customer purchasing more sweaters than t-shirts.

Read more: http://www.investopedia.com/terms/c/chain-linked-cpi.asp#ixzz2FdiceVyv

BLS Application

  • What is the C-CPI-U and when did the Bureau of Labor Statistics (BLS) begin publishing it?

BLS began publishing the Chained Consumer Price Index for All Urban Consumers effective with the release of July 2002 CPI data. Designated the C-CPI-U, the index supplements the existing indexes already produced by the BLS: the CPI for All Urban Consumers (CPI-U) and the CPI for Urban Wage Earners and Clerical Workers (CPI-W).

The C-CPI-U employs a formula that reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.

Read more: C-CPI-U data can be found on the BLS web site at http://data.bls.gov/cgi-bin/surveymost?su

Substitution Bias

  • What is substitution and substitution bias? And does the C-CPI-U eliminate it?

Traditionally, the CPI was considered an upper bound on a cost-of-living index in that the CPI did not reflect the changes in consumption patterns that consumers make in response to changes in relative prices.

Since January 1999, a geometric mean formula has been used to calculate most basic indexes within the CPI; this formula allows for a modest amount of substitution within item categories as relative price changes.

The geometric mean formula, though, does not account for consumer substitution taking place between CPI item categories. For example, pork and beef are two separate CPI item categories. If the price of pork increases while the price of beef does not, consumers might shift away from pork to beef. The C-CPI-U is designed to account for this type of consumer substitution between CPI item categories. In this example, the C-CPI-U would rise, but not by as much as an index that was based on fixed purchase patterns.

With the geometric mean formula in place to account for consumer substitution within item categories, and the C-CPI-U designed to account for consumer substitution between item categories, any remaining substitution bias would be quite small.

Assessment 

Link: What ‘chained CPI’ could mean for Social Security

White Paper: http://www.bls.gov/cpi/super_paris.pdf

Conclusion

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6 Responses

  1. Giving Less

    Did you know that Democratic Rep. Keith Ellison (Minn.) just said that one part of a potential deal to avoid the so-called “fiscal cliff” is actually “a stealth way to give people less” and that he and other members of the House Progressive Caucus won’t vote for any plan that includes it.

    Video link: http://www.huffingtonpost.com/2012/12/19/chained-cpi-keith-ellison-social-security_n_2333598.html

    Dr. Harbinger

    Like

  2. C-CPI

    This is just another economics machination to justify cost-of-living reductions to Social Security recipients.

    Major

    Like

  3. How to snag a bigger Social Security check?

    How and when you claim benefits can make a big difference in the benefits you’ll collect in retirement.

    http://money.msn.com/retirement/a-bigger-social-security-check

    Here are several scenarios.

    Karlan

    Like

  4. Got milk?

    A farm bill cut could bring the price of milk to $6-8/gallon under a Truman era law of 1949; or twice the wholesale price rate.

    http://todaynewsgazette.com/milk-prices/

    Even worse than the CPI.

    Dr. David Edward Marcinko MBA
    http://www.CertifiedMedicalPlanner.org

    Like

  5. Consumer Price Index for the elderly?

    The Bureau of Labor Statistics calculates official price indexes for two population groups.

    One is the Consumer Price Index for All Urban Consumers (CPI-U), which represents the spending habits of about 88 percent of the population of the United States. The other is the CPI for Urban Wage Earners and Clerical Workers (CPI-W), a subset of the CPI-U population, which represents about 29 percent of the U.S. population.

    BLS also calculates an experimental CPI for the elderly, or CPI-E, by using households whose reference person or spouse is 62 years of age or older.

    In 2009–2010, approximately 24 percent of all consumer units met the CPI-E’s definition of having a reference person or spouse 62 years of age or older.

    Click to access 80chap15.pdf

    Wexler

    Like

  6. CPI
    I would anticipate inflation, regardless of how you calculate it, to become a significant threat to cash and short duration fixed income for the next 3-7 years. You can’t print and lend at our government’s pace without a byproduct!
    The question is, who’s planning for that?
    JOE

    Like

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