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The Pre-Clinton CPI numbers are bigger because inflation was much bigger(Pre-Greenspan).
If inflation was 12%(I'm guessing) in 1978 versus %1.5-%3.0 in the 1990's, that 12 percent is not going to compound.
For the sake of argument,let's say inflation was 12% in 1978 and 1% every year after that. Well 1978 dollars would be converted to 1979 dollars(in 1979) by mutiplying them by 1.12. End of story.They are now 1979 dollars.
In 1980 we would be converting 1979 dollars to 1980 dollars by multiplying them by 1.01. The 12% is history.
If we revise that 12% to 15% later we only have to go back to the one calculation in 1979 to make the change. There is no compounding.
For instance, if we start with a dollar in 1970, and call inflation 5% in 1970, and 2.5% every year afterwards, we get $1.31 in 1980.
If we go back and correct inflation by a huge 5% in 1970 to 10%(highly unlikely, worst case scenario), we get $1.37 in 1980. 6 cent difference. But 5 cents of that occurs in first year, the other cent takes 9 years to accumulate due to this compounding.
Assuming corrections happen in both directions, cancelling each other out over time, would it be reasonable to assume that that "ballpark" is again the key to dealing with inflation?