 He also makes the big point about how welfare causes a moral hazard problem. For example, take unemployment insurance again. It's been well known that Macy's wrote about it on many other mainstream economists, so-called have written about it for decades, and that one of the moral hazard problems of unemployment insurance is that it causes more unemployment. In the United States today, I think it's around two years. Unemployment insurance lasts for two years, and different the amount you get, different state by state, but it's not unusual for it to be 60% or more of your previous income while you were employed. And so you can basically get a check for 60% or so in some states of what you were making, but you don't have to go to work, you don't have to get dressed, you don't have to spend money on gasoline or lunch or anything like that. And so surely that diminishes the incentive that people have to retool, retrain, get a new job. For example, during the housing market crash in the United States, the housing bubble that was created by the Fed sort of induced millions of people to get jobs or careers in mortgage, finance, home repair, jobs at Home Depot and places like that, anything and everything related to the building and maintenance of houses. And then when the crash occurred, tens of thousands or hundreds of thousands of jobs disappeared, and people were forced to retool, retrain and get a different type of job. But if you can just lounge around two years and make a decent amount of money enough to pay the bills, a lot of people are going to take advantage of that and are not going to be so vigorous in pursuing a new career or moved up. And so when the government majors in unemployment rate, one of the ingredients is the duration of unemployment, how long people are unemployed. And of course, with unemployment insurance being more generous and longer lasting, it increases the duration of unemployment so that the unemployment rate that you read about is higher, whether it's the official government unemployment rate, or if you look up ShadowsSophistic.com and find out what the real unemployment rate is, if you use the formula that the government used 25 or 30 years ago, then it's not to be 7.5 percent the government claims now, it's more like 14 or 15 percent. But either way, it's longer because of unemployment insurance. And that's one of the things Von Mises is talking about here. And the way he put it, I wrote down this quote from his chapter. He said, social insurance has thus made the neurosis of the insured a dangerous public disease. And so he was very astutely talking about how behavior is changed in many ways by so-called social insurance or welfare. And it's not just that people stay unemployed longer. If welfare is generous enough that people have enough to eat, they have housing subsidies, childcare subsidies, and so forth, then you do create the welfare trap. And we'll talk more about this next week. But you fit a trap whereby, for example, if someone is in New York City making $40,000 a year of welfare benefits, cash and income benefits, and they get a job, and as a result of getting a decent paying job, they lose most of those benefits. Their marginal tax rate could be 60%, 70%, 80%. If you look at a tax, and not in terms of writing a check to the government, but losing benefits that government was giving you, that's a form of a tax that's taking something away from you that you were given. And so who can blame a single mother with several children who's getting along, not living to what lavishly, but getting along on welfare to go and get a job, go to work, hire a babysitter, and pay a 70% marginal tax rate in the form of losing all her housing allowance, food stamps, and so forth. She's trapped in welfare. She's trapped in there forever. And her children probably will be and her grandchildren if the system continues and maintains itself. And this is one of the things that Michigan's talks about. And it's not only that, but people's attitude changes too. When you don't have to get up for work, when you don't have to socialize with other people in an acceptable way, you don't have to show up for a job interview and look and get cleaned up, and you don't have to cooperate with other human beings in the workplace. It's easy to turn into a slug, especially a slug. And so many people do. He turned into a slug and a lazy slug. And so I'm not saying everyone does, but I think that's one of the things that Macy used the word neurosis there. And he was probably alluding to, even in his day, many, many years ago, he wrote this. The welfare state in America was a tiny, tiny smidgen of what it is today.