he is right, but then people will think they just need to vote in the right spenders, when the problem is much deeper than that, the state doesn't have the incentive nor the knowledge to spend wisely, they can just use guns to increase revenue
x.com/toly/status/2005837025…
The problem isn’t the taxes. USSR had no billionaires and had a nearly 100% effective tax rate, and it still failed. The problem is the spending. Dollars spent by the state that do not produce a meaningful economic surplus are dollars wasted. If enough of them are wasted and a crisis hits the fan, there is no economic basis to absorb the shock.
The stupid high speed rail, $20b spent and nothing that could be sold for anything anywhere near $20b was built. Do that over and over and you get Russia in the 90s. All the smart and kind people leave, and you are left with the smart and vicious people ready to take advantage of the crumbling political environment.