Core Viewpoint - SL Green Realty's shares have significantly declined this year due to weaker earnings and a shift in its dividend policy, making the stock appear undervalued, but the 7.8% dividend yield carries associated risks [1] Company Summary - SL Green Realty is primarily focused on office properties in Manhattan, and its stock has seen a notable drop in value this year [1] - The company has adjusted its dividend policy, which has contributed to investor concerns regarding its financial stability [1] Financial Performance - The decline in SL Green's share price is attributed to weaker earnings reported this year, indicating potential challenges in its operational performance [1] - The current dividend yield stands at 7.8%, which may attract investors looking for income but also reflects underlying risks associated with the company's financial health [1]

From @WSJopinion: Olympia’s new tax plan will repel startups. Jeff Bezos wouldn’t have moved to Seattle from Texas to pay a 20% tax on his capital gains, writes Abraham Othman.https://t.co/vtPYNqjgvg ...

Deficit & Debt Concerns - Investors initially anticipated government spending cuts and a 3% deficit-to-GDP ratio, but the reconciliation bill raises questions about deficit impact over the next 10 years [1] - The market has largely priced in the reconciliation bill, with concerns about deficits existing for years [4][5] - Investors are uncertain about the duration and form of tariffs, which could significantly offset the bill's cost, potentially raising 27 trillion (2.7%) in revenue over 10 years [2][3] Entitlement Programs & Future Fiscal Challenges - Social Security trust fund insolvency is projected in the early 2030s, requiring Congress to either cut retiree benefits by approximately 25% or find ways to make the fund solvent [6] - Addressing long-term deficits will likely require a moment that forces Congressional action, rather than preventative measures, due to political considerations [7] Political & Voter Perspectives - American voters do not currently view deficits as a top concern, which impacts politicians' prioritization of the issue [8]

Government Policy & Investment - The federal government proposes depositing $1,000 in a tax-advantaged investment account for each child born from the beginning of 2025 through the end of 2028 [1] - Families and others can contribute up to $5,000 per year to the account after the initial $1,000 deposit [1] - Investment returns will be taxed as long-term capital gains only when withdrawn for specific purposes like higher education, job training, starting a business, or first home down payment [2] Market Impact - CEOs are showing support for the Republican-backed Trump accounts [1] - The money would grow tax-free as long as it's invested in a broad stock index [2]