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There's basically, right, three
components to the American dream, right?

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There's house, you know, have a have
a house, have a a house for your kids,

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where and you know, kind of by
definition, this goes back to the

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geographic lens. The house needs to be
like near a place where there's like

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great job opportunities, right? So,
it can't be a house in the middle of

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nowhere. It has to be a house where
there's going to be great jobs um and

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you know, a safe environment and so forth.
Um, number one. Number two is is

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is healthare. You need, you know, great
healthcare for you and your family. And

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then three is education. You want
to send your kids kids to good schools. Um

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if you disagregate sectors of the economy
over the last 25 years, what you

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find is basically everything that
technology touches basically collapses

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in price. Um and so television sets
and you know computer games and you know

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everything you know anything with
electronics in it basically that the

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prices productivity growth in those
sectors has advanced very fast. Product

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prices prices have have uh have
collapsed. Everything is is much

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cheaper. Um but if you chart uh housing,

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education and healthcare um the prices
of those things are skyrocketing, right?

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And and we all we all you we all see this.
It's just the price of housing is

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exploding, the price of education is
exploding, and the price of healthcare I

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mean healthcare is 20% of the economy on
its way to 50%. Um and uh and so the the

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prices are exploding and and and so
it's like okay what what makes healthcare

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what what makes those three components
the American dream have these exploding

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prices? It's basically it's two things.

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Number one is uh and these are
interrelated but number one is

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technology is not really touching them
very much. that and you could say the

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tech industry has done a bad job
at addressing housing and healthcare and

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education or or you could say that
you know those industries have been

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resistant to it. Uh but technology
hasn't really touched them that much

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which means that they productivity
growth hasn't happened in them. Um and

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then the other thing is they're heavily
regulated. Um they're they're heavily

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dominated by the government. they're
heavily regulated. And then in all three

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of those sectors, uh, the government
both restricts supply, right? And so

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zoning laws and university
certifications and so forth, right, mean

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that it's very hard to actually build
new of of those three things. Um, and

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then the government responds to the
political pressure caused by the rising

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prices by subsidizing demand. And of
course, if you subsidize demand and a

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fix supply, you get skyrocketing prices,
right? Right? And so every time there's

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a housing cris, you know, it's perpetual
housing crisis in California, the answer

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always is subsidies for home buyers,
which always has the effect of driving

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prices up further and making the problem
worse, right? Um and so so so like that

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that that drives, you know, those
are the microeconomics of of what's

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happening. Um I don't think there's
easy answers on this. I but I think the

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acknowledgement that this is in fact
what's happening. And then I think the

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the peop I think the people have
to decide that they do not want to live

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this way. I I I think like or the marginal
American voter needs to decide.

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It's just look, it's just not acceptable
that if I can't spend $3 million, I

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can't have a house that's in a good
neighborhood with a good job attached to

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it. And it's just not acceptable that
a four-year college degree is going to

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cost a million dollars, which is which
is what it's on its way to doing. And

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it's just not acceptable that like this
healthcare, you know, monster is running

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out of control. Um, and and so, you know,
it it you know, in many ways, like

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this is like the fundamental, you know,
policy political question of our time,

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you know, that kind of kind of needs
to be dealt with. Again, these issues

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become much easier to deal with in a high
growth environment, right? um in in

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a in in an environment with very rapid
technological development. Um let let me

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give you the good news story
on on healthcare. Everybody talks about

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healthcare. You can't break these curves.
There's one area of healthcare

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that is incredibly sophisticated,
technologically advanced and the price

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curve looks like Moore's law. The price
curve looks like video games. The price

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curve is just a straight line down and
the quality of the service has gone way

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up and and that's Lasic eye surgery,
right? And and the reason it's and the

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reason that's the case is because
it's it's outside the system. It's a

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discretionary purchase paid for by
the consumer. Um, you know, and the the

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Lasic Eye studios are in like strip malls.
Um, and they've got like, you

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know, three people and like a super
advanced, you know, incredibly advanced

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like laser eye machine. Um, and you go
in there and you get zapped and you have

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perfect eyesight and it every year
it gets better and cheaper. Um, and so

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that's like an example of what happens
if you're able to touch these sectors

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with technology and if you're able
to get them out from under all the

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regulatory and government overhang.
And so that that potential exists I think

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throughout the system. But but
fundamentally we have to decide we want

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it and and fundamentally the population
of the country has to decide that it

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wants it.