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Recession Briefing 5.13

What you need to know today to survive and thrive in the recession.

Doomsday for Social Security and Medicare has come a little closer, thanks to the deep recession. The costs of administering Social Security are now expected to exceed tax revenues in 2016, a year earlier than expected. The trust funds for the program are now projected to run out in 2037, four years earlier than envisioned a year ago. (BusinessWeek)

Who else knew?: Billions of dollars were withdrawn from accounts at Bernie Madoff’s firm in the months before he was arrested. (New York Times)

In the second part of a series comparing the current recession to the Great Depression, Price Fishback describes what actually happened to our economic system last fall and contrasts it with what happened in 1929. (New York Times/Freakonomics)

Evidently, it’s not the best time in history to be graduating from business school. (MSNBC)

Family caregivers are facing increased financial and emotional hardships as they struggle to continue providing care to loved ones with chronic illnesses or disabilities. (Kansas City Star)

A new report from the bureau of Labor Statistics yields some interesting information about who is hiring and who is firing. (New York Times/Economix)

Carreman, a French textiles company, is outshipping and has just offered nine of its workers a choice of redeployment to India, accepting a 96 per cent pay cut into the bargain. Otherwise, they will be fired. (Times of London)

The gains made in homeownership by African-Americans and native-born Latinos have been eroding faster in the economic downturn than those of whites, according to a report. (New York Times)

Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market. (Associated Press)

If you’re having trouble making ends meet because of the recession, it may be time to move.  Los Angeles tops this list of America’s most overpriced cities. (ABC News)

Is a recovery in the offing? Recent headlines say so, but economists like Paul Krugman and Nouriel Roubini aren’t sure it’ll be all that soon. (Recessionwire)

If you come across a good article or blog post about the recession pass it on. To receive Recession Briefing in your inbox, subscribe to our daily email.

Tags: business, economy, employers, Great Depression, Madoff, Medicare, real estate, social security