00:00There is no such thing as a moderate Democrat today. They just can't be.
00:04There's no space for them to occupy because the far-left socialist part of the party is pulling everybody that
00:12direction.
00:13And if you disagree with me, just see how many people have made the pilgrimage to go see Mayor Mondani.
00:21They just go see him because they have to.
00:24And this is just the step that we've watched the entire party take.
00:28And those of you who are suffering in Virginia like I am right now understand that we had a candidate
00:39who presented herself as a moderate.
00:41And as soon as she was elected and was inaugurated, she immediately started to govern like the progressive that I
00:49told everybody she was.
00:50And it happened in New Jersey.
00:51And it happened in New Jersey.
00:52So what we're seeing is this hard-left move from the Democratic Party, and yet we have all kinds of
01:01data points to show that it doesn't work.
01:03And one of the things I love about my hotline every day is there's something in there that demonstrates either
01:12the lack of job growth, the out-migration, the big deficits,
01:19or most importantly, the lack of hope that exists in these states that have adopted these ultra-left progressive philosophies.
01:29And we see it over and over again.
01:31And I have to say, I'm always reminded, my very first year in business school, the very first case, was
01:37a case about a company that had declining sales.
01:43And what that company did in order to address their cash flow problem was they raised prices, which drove sales
01:53down further, which they went bankrupt.
01:56And we're going to see a massive failure somewhere along the way in one of these cities or states because
02:02of this basic death spiral that exists when you raise taxes, you drive people away,
02:11and you have to, in fact, raise taxes again in order to cover increasing fixed costs.
02:18That's the scenario that we're seeing in New York, and it's only going to get worse.
02:23Chicago, it's only going to get worse.
02:24The entire state of California.
02:26And what worries me is something I read today, and then I'll pass the microphone on, which is in my
02:32beloved Commonwealth of Virginia,
02:34where four years of serving as governor, we ran $10 billion of surplus after surplus after surplus and had tax
02:43rebates and tax refunds and cut taxes.
02:45And we had more people coming than we had leaving.
02:48And we turned all that around.
02:50And today they dropped a bill getting ready for the legislative session to create a 10% millionaires tax in
02:59the Commonwealth of Virginia.
03:00Yeah.
03:01This is the misunderstanding, and unfortunately, we need more examples of massive failure for people to recognize it.
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