What is 'chained CPI' and why are liberals so mad it's in Obama's budget?

Hint: It has to do with cuts to Social Security benefits

Robert Reich
(Image credit: YouTube)

It was reported on Friday that the White House would send a budget to Congress next week with proposed cuts to Medicare and Social Security, the latest effort by President Obama to reach a so-called grand bargain with Republicans to put the U.S.'s fiscal house in order. One proposal in particular has liberals all worked up, and it revolves around a seemingly innocuous bit of wonk-speak: Chained CPI. Here, a guide to chained CPI and why Democrats don't like it:

What is chained CPI?

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Keith Wagstaff is a staff writer at TheWeek.com covering politics and current events. He has previously written for such publications as TIME, Details, VICE, and the Village Voice.