You're right. But it's difficult either way. The assumption that strength remains unchanged after inactivity is also unreliable.
Suggestion to Improve Rating Stability

Posting one copy of a thread is sufficient:
http://www.chess.com/forum/view/general/suggestion-to-improve-rating-stability
As I understand it, chess.com uses the Glicko formula for chess ratings. One of the flaws (IMO) with this formula is the built in assumption that strength falls off as the player becomes less active. Activity however is relative. I may choose to play unrated chess and keep active and hence the assumption made by the formula is unreliable. The K factor increases as time passes between rated games.