Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don’t let your grandparents steal your money.
Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation’s youth and pose a much greater danger than the country’s $16 trillion of debt currently being debated in Congress.
“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit…” The grey tsunami is actually an issue in every developed economy in the world, not just America. Entitlement promises simply won’t be kept to the level currently expected. Here is a direct link.
Seniors are stealing. Got it. End of discussion.
Up to about to the year 2000, every year the amount of US citizens reaching the age of 65 was – more or less – flat. After about 2000 each year the amount of US citizens reaching the age of 65 increased dramatically. And that sharp rising trend is going to continue until the year 2026.
(Source: a chart from Harry S. Dent’s book “The Great Crash Ahead”)
And all these citizens expect to collect Social Security and think they can benefit from that program called Medicare. And the US taxpayer is expected to pay for those senior citizens.
Maybe his name should have been Drunkenmiller – what an idiot – blaming seniors for the budget problems – what an imbecile. He’s desperate, just like all Wall Streeters who know their Ponzi Scheme is about to be discovered – they MUST have Social Security privatized to force employees to pump money into their stock market – because noone else is interested. Just as they forced most workers to put money into 401K’s after pensions were eliminated back in the early 80s.
William is right – starting in 2026 there will be a huge surpluses in SS. In the mean time we may have to pay more payroll tax but I am happy to pay whatever it will take to provide people who paid into SS their entire lives, and who were lied to by politicians and wall streeters, a check they can get by on and not be destitute – those people are the ones who built the world we now enjoy.