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Finance

The One Big Beautiful Bill Buys You a Dinner, Then Sends You the Check

The White House says the One Big Beautiful Bill puts $2,300 back in a tipped worker's pocket. The CBO says it adds $3.4 trillion to deficits over a decade. Both numbers are accurate. Only one of them compounds.

By Ray Vega · 3 min read

Finance

Gold at $5,000 Isn't Expensive If the Thing It's Priced Against Is Breaking

Gold at $5,000 looks overpriced in isolation. But measured against $1.9 trillion deficits, a Fed trapped between 3% inflation and 1.4% GDP growth, and an S&P 500 where 10 stocks are 41% of the index, it's pricing in something equities refuse to acknowledge.

By Ray Vega · 5 min read