The potential Union Pacific merger risks upsetting America's rail industry

Rail transportation is the backbone of the American economy, and a proposed $85 billion merger between Union Pacific and Norfolk Southern threatens to overconcentrate market power in an already highly consolidated industry.The consequences will ripple across the economy, raising transportation costs, weakening service, and squeezing industries that depend on rail, from agriculture to energy.At a moment like this, regulators shouldn’t take merger parties at their word. They should demand evidence...