One way or another the next President and Paul Ryan (either as VP or House Budget Director) are going to have to address entitlement reform in the next four years. It’s not going to be possible to kick this can down the road again. Obama’s plan is, obviously, to avoid the issue before the election and then become the “great compromiser” after the election.
Something like the Ryan plan is the only possible solution. Defined benefit plans are simply unworkable. The private sector faced up to that fact years ago. Government has not — but it will have to. The bond markets will ultimately force it to.