David Friedberg

It's probably the case...

It's probably the case...

that it is a lot easier to move up the income ladder if you're in certain parts of the country than if you're in most of the country.

that it is a lot easier to move up the income ladder if you're in certain parts of the country than if you're in most of the country.

And so most of the country is stagnating wages, but they still feel the effects of inflation.

And so most of the country is stagnating wages, but they still feel the effects of inflation.

And these government programs keep them stuck in the position that they're in.

And these government programs keep them stuck in the position that they're in.

This is the spiral of socialism.

This is the spiral of socialism.

The government programs that are meant to provide support to people require an increase in taxation.

The government programs that are meant to provide support to people require an increase in taxation.

That revenue has to come from somewhere.

That revenue has to come from somewhere.

That taxation ultimately leads to an attrition of economic value in that region.

That taxation ultimately leads to an attrition of economic value in that region.

and then you have to increase taxation more, and then you end up in the spiral.

and then you have to increase taxation more, and then you end up in the spiral.

And we're seeing this now, not just in New York where Mamdani is proposing to increase taxes, but across the entire West Coast.

And we're seeing this now, not just in New York where Mamdani is proposing to increase taxes, but across the entire West Coast.