This week, President Obama unveiled his much anticipated, and overdue, budget for 2014. Obama’s budget is a $3.77 trillion proposal that would reduce the deficit by $1.8 trillion over 10 years and add $580 billion in new taxes.
The most talked about part of President Obama’s budget are his entitlement reform proposals. The proposals, while modest and incremental, drew attacks from progressives (see story #2 below). The centerpiece of Obama’s entitlement reform is a proposal to rewrite the way Social Security cost-of-living-adjustments are calculated, also known as “chained CPI.”