There are a lot of pieces to the debt-ceiling deal. There are the taxes upon taxes, as the Wall Street Journal editors describe it. That’s the roughly $1 trillion in new Obama taxes on top of what he’s already signed into law. It’s an economy and jobs killer.
Then there’s the entitlement piece, which may be more interesting since Obama is apparently open to extending the Social Security and Medicare retirement age and using the so-called chained-CPI, which would lower cost-of-living adjustments (and increase income-tax thresholds). Whether the president is serious about these entitlement measures, no one knows. It’s noteworthy that he’s at least talking about them, although he’s linking them to higher taxes.
But there’s another piece to the debt-ceiling deal that hasn’t yet seen the light of day. It’s the non-entitlement spending piece.
Read my full column here.