The CPI is misleading because it does silly things such as counting increases in CPU speed as “getting more computing for your money.” If all you use your computer for is word processing then you’re really not getting 1000x “more computing” for your money today than you were in the 1980s, you’re getting only minor increases in productivity.
If all you use your computer for is word processing then you can buy a low-end desktop for very little money. Computers (and other consumer electronics) are cheaper now than they have ever been. Uninformed whining about hedonic adjustments in CPI is so tiresome.
