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.”
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 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 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 argues underreaction caused the pandemic while overreaction will cause depression.
“And two months ago today, I tweeted that the pandemic, that under reaction caused the pandemic and overreaction will cause the depression. And I think that's kind of where we are right now.”
Friedberg argues that underreaction caused the pandemic and overreaction will cause a depression.
“I tweeted that the pandemic, that under reaction caused the pandemic and overreaction will cause the depression. And I think that's kind of where we are right now.”
All-In Podcast
“48% of all US employees work for a business that's got 10 or fewer employees. Now, these businesses are not only retail.”