To be an American, revisited

What’s happening with money with week:

The labor market is cooling — not crashing, but clearly less hot. June’s jobs report came in fine. Hiring is stable but not growing. Nobody’s getting laid off en masse, but nobody seems to be getting poached for a raise either. The vibe from consumer sentiment is the same: fine, but not great.

Meanwhile, Trump said this week that “everybody’s profiting” from market gains, which is technically true if “everybody” means the 1%. Mortgage rates are still stuck in the mid-6% range with no real relief in sight — the Fed may actually hike rates later this year if inflation doesn’t cool, which is the opposite of what most buyers were hoping for.

In today’s letter:

• What the American Dream actually costs us (psychologically)
• “To strive is to be American” — but what if striving is the problem?
• Student loans just got way more confusing (here’s what you need to know)
• The “empathy tax” women pay at work — and why it’s costing them financially
• Why people are betting on Taylor Swift’s wedding (it’s gross!)
• The secret reason your boss wants you back in the office
• Bowlers vs. private equity
• Plus: should you be panicking about the AI bubble?