He’s close but no cigar.
There is such a thing as over-reach. There is such a thing as living beyond your means ... spending more than you make, using more than you have.
But, unfortunately, he doesn’t translate this realty to government spending as well.
The capitalist system has all the tools needed to cure what ails it. Freidman and others think we shouldn't bother with that, just toss the whole thing aside and say it was defective, and must be replaced, instead of repairing it, which is a pain.