[lbo-talk] thoughts on CPI?

[Andy F]

Could any economists comment on whether the CPI is bogus?  I'm
referring to its supposedly underestimating inflation due to
substitutions (steak/hamburger), hedonic tweaking, figuring increasing
home computer power offsets cost of health care, that kind of thing.

Most of the criticism I've read tends to be associated with
goldbuggery, permabearism, and general rantishness, so a level-headed
left perspective would be appreciated.  I'm aware that this might have
been done to death, so I'd be happy with a link to a summary.

Thanks,
-- 
Andy