Legendary investor Stanley Druckenmiller has warned that America’s financial situation may force it to abandon many of its social programs and rights.
Druckenmiller, known as “The Druck,” said in a new keynote that few were honest about the severity of the U.S. debt, and that most had huge payouts to pay in 2016. He said he was not considering the program. future.
drakken mirror To tell Considering the future government debt to America’s elderly, the reality is that America’s debt is nearly $200 trillion, almost seven times the official figure.
“The financial recklessness of the last decade was like watching a horror movie unfold. Over the past decade, our debt has grown from $15 trillion to $31 trillion today. Levels are comparable only after World War II, but what is worse is that this debt does not match what the government has promised to pay in terms of Social Security and Medicare. It is assumed that the payment will be zero.
In the 1950s, when baby boomers were just being born, this “off-the-books” debt was small, so actual debt was a reasonable measure of national debt. not anymore. Assuming the government pays the elderly in the future the same amount it pays today, there are credible estimates that the present value of that debt approaches $200 trillion. It’s a trillion with a “T” on it. ”
Druckenmiller, who famously worked with billionaire investor George Soros in the 1990s, said it was a joke that most analysts ignored or rationalized U.S. debt levels.
He said the United States needs to immediately end some of its social programs to avoid worse consequences in the future.
“It is time to let go of the false pretense that cutting rights is a choice.
The investor also warned that a “demographic storm” has already begun, with a rapidly growing number of Americans entering retirement, but not enough money to support them.
At the time of publication, U.S. government bonds put the watch $31.7 trillion.
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