So they bump that to 18.1 and federal spending is going to be about 23.4, 23.5%. So that deficit spending, where does that money come from? We borrow it or we print it. Okay. The federal government's spending close to 24%. State and local governments are over 16%. So now total government spending is about 40%. It's three times what it was back less than 100 years ago. And I would argue as government grows, our freedoms necessarily recede, of course, because government has more claim on your income or they borrow money, which causes inflation, which is a silent tax. (07:20–07:29)
CLAIM
Asserts that total government spending is about 40% of GDP.
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