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The feder… Show more; I ONLY NEED AN OUTLINE IF IT IS DETA

Paper help Economics The feder… Show more; I ONLY NEED AN OUTLINE IF IT IS DETA

Economics

The feder… Show more; I ONLY NEED AN OUTLINE IF IT IS DETA

The feder… Show more; I ONLY NEED AN OUTLINE IF IT IS DETAILED AND TELLS ME WHAT TO DO/WRITE IN EACH PARAGRAPH. The federal government currently uses the traditional consumer price index (CPI) to adjust social security benefits, other federal programs and the tax code for inflation. In an attempt to reach a compromise on a national budget, President Obama has recently proposed an alternative method for calculating cost-of-living adjustments that relies on the chained consumer price index. Thus far, the proposed change has received mixed reviews among politicians and economists; therefore, it is worth your time and effort to explore the issue in depth to formulate your own opinion. Using your understanding of economic inquiry, address the following questions in a 2-3 page paper: What is the difference between the CPI and chained CPI? What would be the budgetary effects of using the chained CPI to make cost-of-living adjustments in federal programs and the tax code? What impact would these changes have on the national debt? Apply the aggregate demand/aggregate supply framework to predict how such a change could potentially impact the economy in the short-run. Evaluate the long-run impacts of the change. Do you think Congress and the President should support a switch to the chained CPI? Be sure to support your opinion.; You should begin your research by reading the April 18, 2013 testimony of Jeffrey Kling of the Congressional Budget Office on the impacts of using the chained CPI to index for inflation (; http://www.cbo.gov/sites/default/files/cbofiles/attachments/44083_ChainedCPI.pdf

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