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Brexit will be more painful for the rest of Europe than for Britain which could emerge stronger and better off than its European neighbours, Mathias Doepfner, chief executive of Axel Springer, told the Financial Times. Doepfner, head of one of Europe's largest media companies, said Britain was bound to experience short-term pain as a consequence of its June 23 vote to quit the EU. Doepfner said he saw Britain moving towards a "more free market-oriented model, while Europe is step by step transforming into a transfer union" where funds were being channelled from successful states to the struggling ones.
WASHINGTON (AP) — THE ISSUE: More than 60 million retirees, disabled workers, spouses and children rely on monthly Social Security benefits. That's nearly one in five Americans. The trustees who oversee Social Security say the program has enough money to pay full benefits until 2034. But at that point, Social Security will collect only enough taxes to pay 79 percent of benefits. Unless Congress acts, millions of people on fixed incomes would get an automatic 21 percent cut in benefits.