0:00 Senator Bernie Sanders just proposed a five percent annual wealth tax on America's 938 billionaires.0:06 In our last briefing, we promised to deliver only the consequential stories shaping America.0:12 Today, the consequence is a one-hundred-and-twenty-eight-page bill that could rewrite the rules for the country's super-rich.0:21 It’s the top story on May twenty-eighth, twenty-twenty-six.0:24 Here's what else is moving.0:26 Krispy Kreme just agreed to settle a class-action lawsuit for one-point-six million dollars.0:32 The case stems from a 2024 data breach that exposed customer data.0:37 Affected customers could see payouts up to thirty-five hundred dollars.0:41 The company denies wrongdoing, but has agreed to strengthen its cybersecurity.0:47 The stock market continues its climb.0:49 The S&P 500 is now up over twelve percent for the year, with the Nasdaq gaining over fifteen percent.0:56 The momentum is still coming from the AI sector, but some veteran analysts are starting to raise concerns about the quality of those tech earnings and the rapid depreciation of GPU hardware.1:08 Meanwhile, some of the veteran investors from “The Big Short” are making a different bet.1:14 Danny Moses, Vinny Daniel, and Porter Collins are all pointing to gold.1:19 They argue that rising geopolitical risk and a weakening dollar make gold the key indicator to watch for macroeconomic stability.1:27 And finally, a viral plea just forced the Department of Veterans Affairs to act.1:33 A father, Sylvester Craft, took to social media after the VA refused to cover a seventy-three thousand dollar medical transport bill for his daughter.1:43 After his post was shared millions of times, the VA reversed course and agreed to pay the full amount.1:49 His quote: “I’ve been fighting like I’ve been in a war zone.” Let’s go back to that wealth tax.1:56 Because at the exact same time Senator Sanders is trying to tax eight-point-two trillion dollars in billionaire assets… the New York Federal Reserve is reporting a crisis at the other end of the economy.2:09 The two stories are not separate.2:11 They are the same story.2:13 First, the Sanders proposal.2:15 It’s called the “Make Billionaires Pay Their Fair Share Act.” The math is direct.2:20 A five percent annual tax on the nation’s 938 billionaires.2:24 That would generate hundreds of billions of dollars.2:27 Sanders wants to use that money to fund twelve-thousand-dollar direct payments to working families of four, and to expand social programs.2:37 He directly challenged Jeff Bezos, whose net worth is estimated at two-hundred and seventy-three billion.2:44 Sanders posted: “Under my 5% billionaires wealth tax… you’d still be worth $269 billion after taxes.” He then added: “Mr.2:52 Bezos: Let’s have that debate.” Bezos, for his part, has already been on the record.2:57 He recently told CNBC, quote: “You could double the taxes I pay and it’s not going to help that teacher in Queens — I promise you.” The lines are drawn.3:07 Now for the other side of the ledger.3:10 While Wall Street celebrates a fifteen percent gain in the Nasdaq, the New York Fed just published a report with a stark warning.3:18 Their economists found a “remarkable increase” in food insecurity between October of last year and February of this year.3:26 This isn't a slow trend.3:28 It's a sudden spike.3:29 It’s hitting lower-income, lower-educated households and families with children the hardest.3:35 The report details people using up savings to buy groceries, skipping meals, and turning to food assistance in greater numbers.3:44 This is happening despite what the headline numbers say about overall economic growth.3:49 The economists connect this directly to a “sharp decline in job-finding expectations” and a deep pessimism about the economy among these groups.3:59 They are living in a different reality than the one reflected in the S&P 500.4:04 So you have a market hitting decade-long average gains in just five months.4:09 And you have a spike in families who can’t afford to eat.4:13 One proposal on the table demands that eight-point-two trillion dollars in private wealth contribute more.4:20 The other data point shows the system is already failing millions at the bottom.4:25 One story is about the concentration of wealth at a scale that is historically unprecedented.4:31 The other is about the quiet desperation that doesn't make it into a quarterly earnings report.4:38 They are two sides of the same American coin.
