Friedberg warns that 48% of US employees work for businesses with 10 or fewer employees with only 2-4 weeks cash.
“48% of all US employees work for a business that's got 10 or fewer employees. Now, these businesses are not only retail.”
Friedberg calculates a three-month shutdown would cost the US economy $4.5 trillion.
“Every let's assume the whole economy shuts down. Every month that we're shut down costs us 1,500,000,000,000. So if we're gonna have the country shut down for, say, three months, we're losing $4,500,000,000,000 right there.”
Friedberg argues US dollar rally against weak global economies will create significant headwinds in 2023.
“And so the global economy collapsing or being very shaky right now and the US dollar rallying is not good for us.”
Friedberg estimates 30-40% of US workers are employed by or depend on government as primary customer.
“And I think a study I I tried to pull together all this data a couple months ago, but something north of like 30 or 40% of The US working force is touched by the government as a customer of their business, the primary customer of their business or as the employer of those individuals.”
Friedberg estimates 30 to 40 percent of US workers are employed by or depend on government spending.
“I tried to pull together all this data a couple months ago, but something north of like 30 or 40% of The US working force is touched by the government as a customer of their business, the primary customer of their business or as the employer of those individuals.”
Friedberg states US healthcare costs 15% of GDP and continues rising annually.
“Healthcare today costs roughly 15% of our GDP. That's an insane statistic and it is rising year after year in The United States, and it's such a complex issue.”
Friedberg states US has $40 trillion debt, $2 trillion deficit, with $1 trillion just in interest payments.
“We have $40,000,000,000,000 of debt and we're gonna have a $2,000,000,000,000 deficit this year. A trillion dollars of that is just interest on the existing debt. That number is getting bigger and bigger every year.”
Friedberg states tort litigation costs the US economy $900 billion annually, 3% of GDP, growing 10% yearly.
“900,000,000,000 a year. That's how much is spent on the litigation costs, the settlements, the judgments. It's 3% of GDP, and it's growing roughly 10% per year.”
Friedberg describes economic crisis with college graduates facing debt, unaffordable healthcare, and high grocery costs.
“Kids are graduating college. They got hundreds of thousands of dollars in student loan debt. No one can afford to go to the doctor. Grocery bills are too high.”
Friedberg claims 63 percent of Americans have negative equity with more debt than assets and no economic mobility.
“They have more debt than they have assets and everything's getting more expensive and no one's moving up the economic ladder. There's no mobility anymore.”
“And this has really been the heart of The US economy, at least for the last thirty years, probably going back even further.”