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Fact: CPI does not include the cost of oil. A microscopic influence is awarded to include the price of gas.
Fact: yes it does.
The cost of oil determines pretty much everything because oil is what runs our modern society. When oil spikes the cost of all consumer goods spike because oil is used to ship those goods throughout the country. When the cost of consumer goods spikes then the CPI spikes, but when the cost of consumer goods flat lines then then the CPI flat lines.
If you look at the recent history of the CPI and subsequent SSI COLA then you will realize that I am proven right. The price of gasoline peaked before the Great Recession in late 2008, so the SSI COLA for 2009 was increased by 5.8%, but as the price of gasoline plummeted the SSI COLA flat lined to 0% for the next two years.
Then, as you may remember, gasoline prices spiked again in 2011, leading to an increase in the CPI. That then brought about an increase to the SSI COLA for 2012-2015. Now that gasoline prices have plummeted, it should be of no surprise that the CPI has flat lined. And since the CPI has flat lined, it should be of no surprise that the SSI COLA has flat lined as well.
Now, if you want to get in a discussion about whether the CPI is the best way to determine the SSI COLA then I'm all for it, but to suggest the CPI does not include the cost of oil is naive at best and outright lying at worst.