http://www.policyarchive.org/handle/10207/96498
Their analysis is that it cannot be viewed as anything other than a cut in benefits, and especially for the oldest and the poorest.
All a chained CPI does is say that people will buy cheaper and cheaper stuff as they get poorer and poorer, so instead of giving them money to buy the old stuff, we'll just give them enough to buy the cheaper and cheaper stuff.
Two problems: poorest don't have the ability to shift as readily: no transportation out of their immediate area to find these bargains, and no Internet access to order it online. Same for the oldest of the old - lack of mobility due to age, and again, lack of Internet access.
So no, the poor will not be lifted above the poverty line - the line will be moved so that they no longer are "officially" poor. This is what happened when we changed the definition of unemployed and cut the unemployment rate in half - magically. Trouble is, "discouraged" workers still don't have a job or money (their benefits have run out).
It's like changing the F on your report card to a B - hey, ma! Look! Happy for a moment, but the transcript still has the F, and you ain't going to college. How happy will ma be then?
I'm 61, and I wish people would just be honest about people my age and older - they hate us and would like to take us the gas chamber, but that conjures up negative images, so they will simply starve us in our houses and prevent us from getting decent medical care - same result.
Chained CPI is smoke and mirrors. Smoke gets in your eyes. When it gets in your lungs, it kills you.
Oh, and YES, I do hold a degree in economics. Thanks for asking!
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