David Friedberg

But it seems like they're already sort of coming down the ladder where they're saying, hey, the governments, in order to fund all of these social programs and...

The expenses are going to start to take private assets.

The expenses are going to start to take private assets.

How does that affect this migration?

How does that affect this migration?

Because it seems like as the people leave, as the money leaves, they're not going to cut spending.

Because it seems like as the people leave, as the money leaves, they're not going to cut spending.

They're going to look for other ways to grab money.

They're going to look for other ways to grab money.

Does that just drive the migration up?

Does that just drive the migration up?

The thing I worry about is that it's very hard to cut spending on the flip side, Adam.

The thing I worry about is that it's very hard to cut spending on the flip side, Adam.

By my estimate, more than half of Americans rely on a government check, either directly or indirectly.

By my estimate, more than half of Americans rely on a government check, either directly or indirectly.

So you're either employed by the federal, state, or local government or its agencies, or one of its contractors, or you're receiving one of the retirement checks from a government agency.

So you're either employed by the federal, state, or local government or its agencies, or one of its contractors, or you're receiving one of the retirement checks from a government agency.

And so it's become very difficult because...

And so it's become very difficult because...

a majority of the population is receiving benefit or living from some sort of government flow of capital, which makes it very hard from a democracy perspective to say, hey, I'm going to vote to change that.