While leaders, including the president, say this will help reduce the nation's deficit over time, Romasco said this was a sleight-of-hand accounting trick to avoid dealing with other problems in the budget.
"The president's wrong," he said.
He said the average retiree makes $14,000 to $15,000 in annual Social Security benefits. For two-thirds of recipients, that makes up half to two-thirds of their annual income.
Romasco said even the current CPI, which is based on the typical spending of an urban worker, doesn't represent the typical spending of a senior citizen, who spends a larger portion of their income on utility bills and medical costs.
Medical costs alone, he said, account for upwards of 15 percent of a senior citizen's income.
He said a more accurate measure is called the CPI-E, which the U.S. Bureau of Labor Statistics has been experimenting with to measure the costs for the elderly.
"We're not even arguing for that, we're just saying leave it the way it is," Romasco said.
Romasco admitted the nation does need to have a discussion about how to manage its fiscal crisis.
"What has to happen, is that people have to say what kind of country do you want, what can you afford and what are you willing to pay for?" he said.
However, he said the chained CPI change would not address the fundamental issues causing problems in the current system.
"We think this is not a good way to use the cover of a technical adjustment to solve a budget problem," Romasco said. "We want to have a discussion, we don't want to have our heads in the sand but don't use the retirement issue to solve the budget problem."
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.