Social Security and Medicare insolvency pushed back a bit
The Washington Post reports that Social Security will be insolvent by 2035 and Medicare by 2036, a less dire forecast than earlier years but still prompting calls for urgent action. Trustees cite strong payroll tax receipts from a thriving job market, yet aging demographics and rising beneficiaries maintain a bleak long term outlook. Lawmakers eye 2025 as a window for reforms, with proposals including targeted tax changes and selective benefit adjustments while avoiding abrupt cuts.
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Tech led New York stocks higher as markets bounce
U S stocks rose on Monday with the S&P 500 up 1 percent to 5180.74 the Dow up 0.5 percent to 38852.27 and the Nasdaq up 1.2 percent to 16349.25 Nvidia and Super Micro Computer led gains while Vistra joined the S&P 500 on Wednesday Freshpet rose 10.4 percent on strong results Berkshire Hathaway gained 1 percent as Spirit Airlines fell 9.7 percent on competition concerns Apple dipped 0.9 percent after Berkshire built stake reports Markets had swung since March on inflation and rate cut hopes with Fed data and upcoming earnings a focus"}
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Boeing faces FAA probe over 787 inspections and records
Boeing faces a new FAA inquiry tied to inspections of the 787 Dreamliner and whether employees may have falsified records. The FAA said Boeing notified regulators in April about potentially incomplete wing-to-body inspections, with no immediate flight safety issue but disruptions to production as tests continue.
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Pandemic savings exhausted says Fed study
Federal Reserve Bank of San Francisco researchers Hamza Abdelrahman and Luiz Oliveira report that U.S. pandemic excess savings are negative as of March 2024. They note households drew down savings from $2.1 trillion peak, with monthly depletion averaging $70 billion then $85 billion last fall, easing to $72 billion in March.
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