Sigh. So Obama is going with the “chained CPI” thing in his latest proposal — changing the price index used for Social Security cost adjustments. This is, purely and simply, a benefit cut.

Does it make sense in policy terms? No. First of all, there is no reason to believe that the chained index is a better measure of inflation facing seniors than the standard CPI. It’s true that the standard measure arguably understates inflation for the typical household — but seniors have a different consumption basket from the young, one that includes more medical expenses, and probably face true inflation that’s higher, not lower, than the official measure.

Anyway, it’s not as if the current level of real benefits has any sacred significance. The truth — although you’ll never hear this in Serious circles — is that we really should be increasing SS benefits. Why? Because the shift from defined-benefit pensions to defined contribution, the rise of the 401(k), has been a bust, and many older Americans will soon find themselves in dire straits. SS is the last defined-benefit pension still standing — thank you, Nancy Pelosi, for standing up to Bush — and should be strengthened, not weakened.

So what’s this about? The answer, I fear, is that Obama is still trying to win over the Serious People, by showing that he’s willing to do what they consider Serious — which just about always means sticking it to the poor and the middle class. The idea is that they will finally drop the false equivalence, and admit that he’s reasonable while the GOP is mean-spirited and crazy.

But it won’t happen. Watch the Washington Post editorial page over the next few days. I hereby predict that it will damn Obama with faint praise, saying that while it’s a small step in the right direction, of course it’s inadequate — and anyway, Obama is to blame for Republican intransigence, because he could make them accept a Grand Bargain that includes major revenue increases if only he would show Leadership (TM).

Oh, and wanna bet that Republicans soon start running ads saying that Obama wants to cut your Social Security?