July 1, 2023 Hello, Insiders! Happy Saturday — and of course, happy Canada Day to our readers up north. We heard you’re launching a remote-work scheme to lure digital nomads… so maybe we’ll see you up there soon?    On the agenda today: Angry Microsoft employees are roasting their CEO. TSA PreCheck, Global Entry, and CLEAR: What’s worth the money? OpenAI is reinventing tech compensation. But first: The Supreme Court rejected Biden’s student-loan forgiveness plan, and experts are worried about the decision’s economic impact. If this was forwarded to you, sign up here.

THE BIG STORY No relief Drew Angerer/Getty Images The moment that millions of Americans had been waiting for finally happened: The Supreme Court handed down its long-awaited decision on President Joe Biden’s student-loan forgiveness plan.  SCOTUS rejected the plan, serving a major blow to millions of federal borrowers, who will now have to resume student-loan payments in October — with interest beginning to accrue again in September — without a reduction to their balances. But just hours later, Biden delivered fresh hope, saying he’ll try another law, and giving borrowers a grace period when payments resume. Our incomparable team of economy, policy, and personal finance reporters have been covering every angle of this story. Some major takeaways: It’s not great news for the economy. With inflation still historically high, many experts are worried that this will lead to a spending slowdown — which could hurt businesses and portend a broader economic slowdown and possible recession. Politicos are sticking with their party lines. Republicans are celebrating, with Rep. Virginia Foxx wishing the plan "good riddance." Meanwhile, Democrats are refusing to give up, with Sen. Elizabeth Warren urging the Biden administration to “throw everything they've got into the fight.” But all hope of debt-relief isn’t lost. As Insider’s Ayelet Sheffey reports, the justices didn’t say that Biden couldn’t try again — and late Friday he announced he would do just that, using the Higher Education Act of 1965. As for what this means for you: Our personal finance team has a guide on how to calculate the cost of your student loans, now that the plan has been overturned. Plus, this map shows how many student-loan borrowers could have gotten Biden's relief if it hadn't been struck down. READ MORE

TOP READS Salaries, airport security, & more Microsoft CEO Satya Nadella. AP Photo/Elaine Thompson Microsoft employees are mad at their CEO. Satya Nadella posted an internal thank you message to employees for helping the company reach a “landmark” year. But in leaked responses to Nadella’s messages, some employees railed against the company. Microsoft is on track to reach record-breaking revenue, while pay raises remain frozen. TSA PreCheck, Global Entry, or CLEAR. Writing for Insider, Jesse Collier tried all three programs, which grant travelers access to shorter security lines. TSA PreCheck costs $78 for five years. Global Entry runs $100 for five years — but also grants you TSA PreCheck, and expedites customs when returning to the US. Meanwhile, CLEAR runs $189 annually and can get you escorted to the front of the TSA PreCheck line. OpenAI’s new compensation structure: flat salaries, no bonuses, and no negotiations. The creator of ChatGPT has a pretty uncommon payment system within tech. Most employees are paid a flat $300,000 salary, along with $500,000 in annual equity compensation. Under this structure, employees can make millions within a few years. Luxury retail workers sometimes sell items that cost more than their annual pay. Sales associates at Dolce & Gabbana make around $37,000 in base pay, according to Glassdoor. Meanwhile, the company sells gem-encrusted watches that go for up to $45,400. The stats are similar at Gucci. As a result, luxury brands are struggling to find workers. Every detail you might have missed in Olivia Rodrigo’s new music video. The pop star released her new single “Vampire” on Friday, alongside a new music video, which seems to continue where her hit song “Good 4 U” left off. The video also appears to reference multiple famous supernatural teen girls, like those in “Twilight” and “Carrie.” H&M is trying to compete with Shein, starting with $1.70 crop tops. After initially charging $4.99 for the items, H&M is taking a page out of Shein’s massive fashion lookbook: offering the lowest price possible. “I spent over $5,000 to race an Ironman.” Insider’s investing correspondent Kathleen Elkins broke down the unexpected costs of signing up for the race: entry fees, equipment, travel, and more. But she has no regrets about the investment, and personal-finance experts suggest it was a good way to spend her money.

WHAT ELSE IS GOING ON Tipping, water, & relationships Sun City, Arizona. halbergman/Getty Images Arizona is running out of water thanks to Big Tech companies. Google alone uses 1 million gallons of water per day to cool off its massive data center. “South Park” creators end tipping at Denver’s famous Casa Bonita. Some staff are mad at the $30 hourly pay, since they could now lose hundreds of dollars a shift. “My partner of over a decade came out as transgender.” Kacey Perinelli struggled to accept her partner at first. But now, she writes, their relationship is stronger than ever.

LAST LOOK Bringing a Victorian back to glory Greater Syracuse Land Bank This couple is restoring a $7,500 New York home back to its Victorian glory. They took Insider behind-the-scenes of transforming the 120-year-old house.