Friedberg states the US has $33 trillion national debt and a proposed $7 trillion budget next year.
“We are proposing the federal administration is proposing a $7,000,000,000,000 budget next year. We have $33,000,000,000,000 of national debt.”
Friedberg details California's revenue concentration: 150,000 people (top 1%) pay $70 billion, one-third of state's total revenue.
“That is 211,000,000,000 of revenue the state generates. A 142 of it comes from personal income tax. The top 1%, 150,000 people pay 70,000,000,000, pay half of that tax of that income.”