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He thinks he can sell the Texas Lottery to a private company, set up an $8 billion endowement with the procedes and then withdraw $800 million per year (a 10% SWR) to fund education in the state.

But he can take a 10% WR, if he runs out of money, he can simply raise taxes. If you use a too-high withdrawal rate, and run out of money, you have to go back to work ... shudder.
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