That’s the value of the Dow industrials divided by the gold price. The lower the ratio, the pricier the metal looks compared to blue-chip stocks—and it is now below a long-term average of 13.8 times.

In the latest edition of my Markets A.M. newsletter, I look at gold valuations, and why we’re unlikely to see a repeat of the metal’s stunning outperformance in the ’70s. You can sign up for the newsletter here, or read the full article below:

A newly introduced bill would prevent some public sector retirees from being hit with a tax bill after they were made eligible for Social Security benefits last year.

The bipartisan bill, known as the No Tax on Restored Benefits Act, was introduced by Rep. Lance Gooden, R-Texas, and would create a gross income tax exclusion for the retroactive, lump sum payments of Social Security benefits paid to certain public sector retirees on pensions who previously had their benefits reduced or eliminated because they didn’t pay Social Security taxes while working. 

It follows last year’s enactment of the Social Security Fairness Act, which allowed for the retroactive benefit payments to covered retirees.

“First, the federal government shortchanged public servants by withholding the Social Security benefits. Now, Washington is trying to tax those benefits,” Gooden told FOX Business. “It’s a slap in the face to teachers, firefighters, law enforcement officers and more who devoted their careers to serving our communities. The No Tax on Restored Benefits Act finally ends the mistreatment of our public-sector retirees.”

SOCIAL SECURITY PAYMENTS TO INCREASE FOR PUBLIC PENSION RECIPIENTS

The new bill would aim to prevent a tax consequence for those who got lump sum payments under the Social Security Fairness Act. (Mark Felix/The Washington Post)

Rep. Chellie Pingree, D-Maine, is a lead cosponsor of the bill and said the Social Security Fairness Act “was truly transformative” for hundreds of thousands of Americans, but “it was never intended to saddle widows, low-income seniors and dedicated public servants with an unexpected tax bill.”

“The No Tax on Restored Benefits Act addresses this problem in a fair, commonsense way by protecting people who were previously below the taxation threshold from being unfairly punished because of a one-time, retroactive increase in their earned benefits,” Pingree said.

The bill has received support from the National Association of Police Organizations, and Executive Director Bill Johnson noted that “retirees are facing a large tax bill on those same benefits Congress worked to restore,” and the new legislation “will ensure no public servant will continue to be penalized simply because they chose public service.”

MILLIONS TO GET HIGHER SOCIAL SECURITY PAYMENTS UNDER NEW LAW

Rep. Lance Gooden, R-Texas, introduced this bill to protect restored Social Security benefits from taxes. (Al Drago/Bloomberg via Getty Images)

The introduction of the No Tax on Restored Benefits Act follows the enactment of the Social Security Fairness Act last year, which made certain public sector retirees eligible for the retroactive payments and was signed into law in January 2025 by then-President Joe Biden.

It eliminated policies known as the Windfall Elimination Provision (WEP) and Government Pension (GPO) which reduced or eliminated Social Security benefits for workers who received a public pension and weren’t covered by Social Security taxes. 

Those policies reduced or eliminated Social Security benefits for over 3.2 million people who receive a pension for work that wasn’t covered by Social Security because they didn’t pay Social Security taxes.

SOME SOCIAL SECURITY BENEFICIARIES TO RECEIVE PAYMENTS EARLY FOR FEBRUARY AND MARCH

Rep. Chellie Pingree, D-Maine, cosponsored the No Tax on Restored Benefits Act. (Bryan Dozier/Middle East Images/AFP via Getty Images)

Among the groups of people affected include certain teachers, firefighters and police officers in many states; federal employees covered by the Civil Service Retirement System; and people whose work was covered by a foreign social security system.

The WEP and GPO policies didn’t apply to all people within those groups because about 72% of state and local public employees work in roles covered by Social Security and pay into the system. So, those retirees won’t see a benefit increase under the Social Security Fairness Act.

The elimination of WEP and GPO policies was retroactive to January 2024, and the Social Security Administration indicated the one-time payment would be deposited into the account on file by the end of March 2025.

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The nonpartisan Committee for a Responsible Federal Budget estimated that the Social Security Fairness Act will add $196 billion to the federal budget deficit over the 10 years after its enactment and projected it will hasten the insolvency of Social Security’s main trust fund by six months.

Lewis Silkin study shows nearly 80 per cent of employers are unable to look beyond a year ahead, with the Employment Rights Bill creating additional challenges

Political uncertainty and regulatory ambiguity are stopping businesses from doing the long-term planning their employees need, a new study has shown.

Close to 80% of employers are struggling to plan beyond a year ahead, the survey of almost 700 organisations by law firm Lewis Silkin has shown.

Lucy Lewis, partner and chair at Lewis Silkin, said: “Economic pressures, and political and regulatory change narrow the planning window even further… reactive tactics which mean that transformation programmes or workforce redesign get sidelined.”

One in four UK organisations cited preparing for and adhering to the Employment Rights Bill as a principal challenge, with the sweeping changes to workers’ protections set to impose costs on businesses.

The contentious Bill received final approval to become legislation in December after prolonged debates in the House of Lords regarding ‘day one’ entitlements, as reported by City AM.

As the Act becomes embedded in law, Tarun Tawakley, partner at Lewis Silkin, noted: “Over the next 12–24 months, expect cautious hiring, legally anchored policy-setting and a premium on disciplined execution.”

As well as those pressures, escalating employment costs have emerged as a key factor pushing British firms towards short-term, reactive strategies. The uptick in employer national insurance contributions (NIC) alongside a 4.1% increase in the national living wage has generated considerable recruitment challenges.

Smaller businesses face particular pressures from taxation, employer contributions and the cumulative administrative burden of compliance.

With the majority of these businesses expecting their organisations to invest more heavily in technology than people over the coming year, the survey highlighted the anticipated cultural implications.

Nearly half (49 per cent) of organisations anticipate cultural resistance, including fears about job losses or mistrust of AI outputs, which could hinder the adoption of new technologies.

Lisa Farthing, head of worksphere and HR consultancy at Lewis Silkin, said the upskilling challenge “is becoming more acute as employment law rights continue to expand and employees’ awareness of those rights grows, placing greater importance on effective training, coaching and people management.”