Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.

On my way to the office this morning, I passed a group of young people protesting, a Palestinian flag draped over their shoulders. And I asked myself a question I can't shake: why does this generation always fall into the same trap? No matter the history. No matter the context. Even the ones from wealthy families, who went to the best schools, who were dealt every good card. Always the same trap. I don't think it's stupidity. I think it's a mechanism. And a mechanism can be taken apart, piece by piece. A. The observation: everything the state touches becomes unaffordable. Look at economist Mark Perry's famous chart, the one people call "the chart of the century." It tracks US prices since 2000. At the top, what explodes: hospital services, college tuition, textbooks, childcare, housing. Increases of +100%, +150%, up to +250%, far above general inflation. At the bottom, what collapses: TVs, software, phones, toys, clothing. A TV today costs a fraction of what it did in 2000, for an infinitely better product. Look at what separates the two groups. It isn't technology. It isn't complexity. It's one variable: how much the state is involved. At the top, sectors that are subsidized, regulated, shielded from competition, where the state funds demand and blocks supply. At the bottom, sectors where companies fight every single morning to serve you better and cheaper. B. The mechanism: why it's systematic. When the state subsidizes demand without freeing supply, prices rise. Every time. Guaranteed student loans, and universities raise tuition. Housing aid plus blocked building permits, and rents skyrocket. Administered healthcare, and bureaucracy eats the budget before it ever reaches the patient. In France it's even more vicious, because the price doesn't disappear: it hides. You never see the hospital bill, you pay it through payroll contributions. You never see the cost of school, you pay it through taxes. Public spending at 57% of GDP, one of the heaviest tax burdens in the world, more than €3.4 trillion in debt. And the result? Overflowing ERs, falling PISA scores, young people who can't afford to live in the city where they work. The market didn't fail in these sectors. It was never allowed in. C. Suffering demands a culprit. A 22-year-old lives all of this in their bones. They can't find a place to live. Their degree either buries them in debt or opens no doors. The future feels blocked. That suffering is real, and I don't deny it for a second. But human beings can't stand suffering without a culprit. They need a face. A scapegoat. And this is where everything is decided: who taught them how to read the world? D. Whoever tells the story picks the villain. Schools are public. Universities are public. Culture runs on grants. Film goes through funding committees. Public broadcasting shapes the narratives. The people handing down the interpretive framework are, overwhelmingly, paid by the very system that creates the problem. Do you really think that system is going to name itself as the culprit? No. It names the capitalist. The boss. The landlord. "The rich." The multinational. The commercial West. Same role, same casting, every time. E. One lens, a thousand causes. And this brings me back to that flag. A generation taught to read every situation through a single lens, oppressor on one side, rich, Western, capitalist, oppressed on the other, will apply that lens everywhere. To housing. To climate. To conflicts on the other side of the world. The cause changes, the lens stays. That's why the trap is always the same: it's not the cause that draws them in, it's the way of thinking that was installed in them. F. The perfect inversion. Here's the irony. Capitalism is the force that drove down the price of almost everything it touched. The state is the force that blew up the price of almost everything it captured. And young people blame the first for the crimes of the second. It's like blaming the firefighter for the fire because you saw him at the scene. G. The ballot box confirms it. In the US, a few weeks out from the midterms, a large share of urban young voters is getting ready to vote Democrat for more state, more spending, more regulation. New York elected a self-described socialist mayor, carried by young voters, on promises of rent freezes and city-run grocery stores. Rent freezes, the policy that has made housing scarcer everywhere it's been tried. The cure that worsens the disease. In France, it's the same play in two acts. Part of the youth votes for the radical left, which promises more state. Another part votes for the center, which promises to "manage" the state well, and has dug the debt deeper than ever. Two different ballots, one shared assumption: the problem is the market, the solution is the state. H. The way out. These young people aren't stupid. They're right to be angry. They're just aiming at the wrong target. The day they understand that their rent, their tuition and their hospital are expensive precisely because the state runs them, their anger will change direction. They'll stop protesting against those who create. They'll start protesting against those who capture. That day, the greatest intellectual scam of our time will be over.

@Delta please get @Starlink so all your loyal customers don't abandon your airline for @united and drive up my flight prices. Thank you for your attention to this matter.

The Trump-Xi State Dinner guest list, per the White House: President Donald J. Trump First Lady Melania Trump President Xi Jinping Madame Peng Liyuan Vice President JD Vance Second Lady Usha Vance Secretary of State Marco Rubio Jeanette Rubio, Spouse of the Secretary of State Chief of Staff Susie Wiles U.S. Ambassador to China David Perdue Bonnie Perdue, Spouse of the US Ambassador to China Secretary of the Treasury Scott Bessent John Freeman, Spouse of the Secretary of the Treasury Secretary of War Pete Hegseth Ambassador Jamieson Greer, United States Trade Representative Marlo Greer, Spouse of Ambassador Greer Cai Qi, CPC Political Bureau Standing Committee Member, Chief of Staff to President Xi Wang Yi, CPC Political Bureau Central Committee Member He Lifeng, CPC Political Bureau Central Committee, Vice Premier of State Council Zheng Shanjie, Chairman of the National Development and Reform Commission Wang Wentao, Minister of Commerce Ma Zhaoxu, Executive Vice Foreign Minister Ambassador Xie Feng, Chinese Ambassador to the United States Ms. Ivanka Trump Mr. Eric Trump Ms. Lara Trump Ms. Tiffany Trump Mr. Michael Boulos Mr. Viktor Knavs Ms. Arabella Kushner Jensen Huang, NVIDIA, CEO Lori Huang, Spouse of Jensen Huang Mark Zuckerberg, Meta, CEO Dr. Lisa Su, Advanced Micro Devices, CEO Daniel Lin, Spouse of Lisa Su Tim Cook, Chairman of the Board of Apple John F.W. Rogers, Goldman Sachs EVP and Secretary to the Board Lynn Martin, President of the NYSE Linda Mills, President of New York University Eric Yuan, Zoom, CEO Tang Fangyu Director, Central Policy Research Office of the CPC Central Committee Minister of Finance Mr. Lan Fo'an Mme. Wang Dan, Wife of Ambassador Xie Feng Zhou Hongxu Deputy Director, General Office of the CPC Central Committee Director, Central Security Bureau Lyu Luhua, Secretary to the President Hong Lei, Assistant Foreign Minister Director General, Protocol Department Cai Wei, Assistant Foreign Minister Director General, Department of North American and Oceanian Affairs Mao Ning, Director General, Department of Press, Communication and Public Diplomacy, Ministry of Foreign Affairs Zhang Quan, Secretary to Madame Peng Zhang Yongchao, Deputy Director General, Department of North American and Oceanian Affairs, Ministry of Foreign Affairs Kelly Ortberg, Boeing, CEO Larry Fink, Blackrock, CEO Stephen Schwarzman, Blackstone, CEO Sam Altman, OpenAI, CEO Greg Brockman, OpenAI, President & Co-Founder Anna Brockman, Wife of Greg Brockman Dr. Miriam Adelson, Las Vegas Sand, Controlling Shareholder Sergey Brin, Google/Alphabet, Co-Founder Gerelyn Gilbert-Soto, Partner of Sergey Brin Satya Nadella, Microsoft, Chairman & CEO Jim Taiclet, Lockheed Martin, Chairman, President & CEO Sundar Pichai, Google, CEO Larry Culp, GE Aerospace, CEO Sanjay Mehrotra, Micron, CEO Cristiano Amon, Qualcomm, CEO Jeff Bezos, Amazon, Chairman Lauren Sanchez-Bezos, Spouse of Jeff Bezos Jeff Yass, TikTok Jamie Dimon, JP Morgan, CEO Michael Dell, Dell, CEO Mary Barra, General Motors, CEO David Solomon, Goldman Sachs, CEO Jane Fraser, Citi, CEO Elon Musk, SpaceX & Tesla, CEO Darren Woods, ExxonMobil, CEO Chief Justice John Roberts, Chief Supreme Court Justice Jane Sullivan Roberts, Chief Supreme Court Justice Spouse Justice Amy Coney Barrett, Supreme Court Justice Jesse Barrett, Supreme Court Justice Spouse Justice Brett Kavanaugh, Supreme Court Justice Ashley Estes Kavanaugh, Spouse of Supreme Court Justice Speaker Mike Johnson, United States House of Representatives, Louisiana Kelly Johnson, Spouse of Speaker Mike Johnson Bret Baier, FOX News, American Journalist and Host Amy Baier, Spouse of Brett Baier Laura Ingraham, FOX News, American Television Presenter Representative Richard McCormick, United States House of Representatives, Georgia Jesse Waters, FOX News Host Emma Waters, Spouse of Jesse Waters David Ellison, Paramount Skydance, CEO Susan Dell, Spouse to Michael Dell Kevin Warsh, Chairman of the Federal Reserve Jane Lauder, Spouse to Kevin Warsh Secretary Howard Lutnick, Secretary of Commerce Allison Lutnick, Spouse to Secretary Lutnick Director John Ratcliffe, Director of the Central Intelligence Agency Michelle Ratcliffe, Spouse to Director Ratcliffe Special Envoy Steve Witkoff, U.S. Special Envoy to Middle East Stephen Miller, Deputy Chief of Staff for Policy and Homeland Security Advisor, Assistant to the President Katie Miller, Spouse of Stephen Miller Dan Scavino, Deputy Chief of Staff, Assistant to the President Erin Scavino, Spouse to Dan Scavino Attorney General Todd Blanche, Attorney General of the United States Kristine Blanche, Spouse to Attorney General Todd Blanche Meredith O’Rourke, The O’Rourke Group Secretary Chris Wright, Secretary of Energy Secretary Robert F. Kennedy, Secretary of Health & Human Services Secretary Linda McMahon, Secretary of Education Secretary Doug Burgum, Secretary of Interior Kathryn Burgum, Spouse to Secretary Burgum Secretary Sean Duffy, Secretary of Transportation Rachel Campos-Duffy, Spouse of Sean Duffy Director Russell Vought, Director of Office of Management & Budget Administrator Lee Zeldin, Administrator of the Environmental Protection Agency Acting Secretary Keith Sonderling, Acting Secretary of Labor Brad Gerstner, Altimeter, CEO Sangeeta Mehrota, Spouse of Sanjay Mehrotra Anthony Barra, Spouse of Mary Barra Kathy Woods, Spouse of Darren Woods Albert Bourla, Pfizer, CEO David Sacks, Co-chair, President's Council of Advisors on Science and Technology Administrator Kelly Loeffler, Small Business Administrator Jeff Sprecher, Spouse of Kelly Loeffler Katie Simpson, Fiancé to Brad Gerstner Representative Jason Smith, United States House of Representatives, Missouri Senator Steven Daines, United States Senator, Montana General Dan Caine, Chairman of the Joint Chiefs of Staff Director Jay Clayton, Director of Office of the Director of National Intelligence Bernard Arnault, LVMH, CEO Alexandre Arnault, Son of Bernard Arnault Ryan McInerey, Visa, CEO Michael Miebach, Mastercard, CEO Sandra Lynn Ellison, Spouse of David Ellison Cheryl Hines, Spouse of Secretary Kennedy

By maxing out Trump Account contributions at $5,000/year, you can build wealth for your children that compounds over decades to: › $13 Million by age 55 › $742K by age 27 › $271K by age 18 With just $250/year in contributions, it’s projected to compound to: › $878K by age 55 › $51K by age 27 › $19K by age 18 Brad Gerstner (@altcap) & Michael Dell (@MichaelDell) - @InvestAmerica24

Canadian PM Mark Carney: There are only four countries at the forefront of AI: France, Canada, China and the United States. We must join forces to ensure an appropriate framework so that AI is safe and effective.