Social Security shortfall, and more
The Social Security Trust Fund will run out of money in 2037, four years earlier than previously estimated.
Social Security shortfallThe Social Security Trust Fund will run out of money in 2037, four years earlier than previously estimated. The updated figure comes from a new report from the Social Security trustees, which blames recession-induced layoffs for cutting into the payroll tax receipts that support the fund. Social Security is currently in surplus but will shrink rapidly as the baby boom population ages. Antitrust muscleIn a sharp change of direction, the Obama administration will take a hard line on antitrust cases, the Justice Department’s chief antitrust official said. Assistant Attorney General Christine Varney urged smaller companies in particular to inform authorities of potentially anti-competitive behavior by their larger rivals. During economic recessions, Varney said, large companies can be tempted to engage in predatory practices, such as price-fixing, to kill off weakened competitors.