“Cost of living is a technical term that means the cost of maintaining a particular standard of living for any given individual,”
Wow, that's pretty insulting. The "standard of living" for a large portion of decent, working people has been going down the toilet for a number of years. People are being told to save for retirement - and the ones that do end up being shafted every which way. The message filtering down to younger generations is that pension schemes cannot be trusted, and at the same time these people are being warned of "consequences" of not having a pension. It would be an incentive for people to save if they felt some sense of security and that, after years of putting money aside, they wouldn't lose out. Or be insulted to the effect they had too good a lifestyle so it was perfectly acceptable for them to lose some money.