This could be the start of the unraveling of Social Security as we know it. The program will survive in some form, but, we will have to have benefit cuts, means testing, raising retirement age, making more of social security income subject to income taxes, or other changes to balance the budget of Social Security.
There’s no CPI increase scheduled because the CPI hasn’t increased. I don’t know what Obama, or any future president, will do if we have double digit inflation, and resulting huge increases in Social Security payments.
Anyone who tries to tell you that there is no inflation, as in "CPI is the same" is either lying or dumb a*** stupid.