Friedberg: Redistributive policies become mainstream when government spending hits 50% of GDP
David Friedberg · Massive jobs revision, Kamala wealth tax, polls vs prediction markets, end of race-based admissions · Aug 23, 2024 · at 1:19:06
David Friedberg (The Production Board) explains his theory on why wealth tax proposals gain political traction as government spending expands relative to total GDP.
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“And the tipping point is when half or more of the population begins to be employed by the government, at which point that concept is lost. Because now it is the government that is the employer, not one's own individual liberties and ability to go out and be enterprising And so I think that the budget of government tipping to 50% of GDP is the reason why these policies become mainstream.”
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