Skip to comments.Stanley Druckenmiller: How Washington Really Redistributes Income
Posted on 10/27/2013 10:56:52 AM PDT by TurboZamboni
Stan Druckenmiller makes an unlikely class warrior. He's a member of the 1%make that the 0.001%one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don't hear out of Washington. It's how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller's generation rip off all those doting Barack Obama voters in Generation X, Y and Z. "I have been shocked at the reception. I had planned to only visit Bowdoin, " his alma mater in Maine, he says. But he has since been invited to multiple campuses, and even the kids at Stanford and Berkeley have welcomed his theme of generational theft. Harlem Children's Zone President Geoffrey Canada and former Federal Reserve Governor Kevin Warsh have joined him at stops along the tour. Mr. Druckenmiller describes the reaction of students: "The biggest question I got was, 'How do we start a movement?' And my answer was 'I'm a 60-year-old washed-up money manager. I don't know how to start a movement. That's your job. But we did it in Vietnam without Twitter and without Facebook and without any social media. That's your job.' But the enthusiasmthey get it."
(Excerpt) Read more at online.wsj.com ...
Late to the party as usual, but still welcome.
They steal it.
So Druckenmiller argues that using the debt limit for Obamacare was “nutty”, but that it is smart to use it as a wedge for Entitlement reform? How is eliminating Obamacare not also entitlement reform?
Also, taking the corporate tax to zero will never happen.
Did he mention that Social Security is the only federal program in the black despite the fact that the feds have stolen from it over the years to build their bloated bureaucracy dumping every welfare recipient they can into it while pumping $85 billion/month into Wall Street???
I didn’t think so —
The problem is the millions of folks who have decided Social Security Disability is their lottery ticket to allow them to retire in their 20’s and collect checks for 60 to 70 years... WHILE collecting food stamps, housing, and getting forgiveness on student loans.
That's the scam... the one that's breaking the bank.
Well yeah, SURE, visit a college campus and tell a house full of young mushheads that the elderly are stealing their money. Hey, what a great audience to make yourself some publicity.
Try talking to the retired people who paid S.S. all their working lives and see how popular you are, you liberal dirtbag.
Try talking to the retired people who made the magnificent sum of $10,000 or twenty thousand a year for much of their lives and tell them they don’t need Medicare to meet the greatly increased cost of medical care.
When taken as a whole Social Security is at least 2.2 Trillion in the red.
I certainly don’t know what the practical answer is to what to do, but I did have this conversation with my mother -
Mom - Social Security is not an entitlement. I have paid into it since I was 14 and at 78, I should get a return on that investment.
Me - I agree Mom, if it were an actual investment. Unfortunately, you were lied to and scammed. Just like Bernie Madoff, you were ripped off. They lied, they forced you to give them your money and then they stole it. You are a victim of theft.
So, if it were actually Bernie that you voluntarily gave retirement money to and he stole it, would you then be entitled to, in turn, steal money from your next door neighbor’s grandchildren, to make up for it?
It is the same thing. We were lied to and our money was stolen. The answer is not to steal from others, because apparently, it is now acceptable to take from others, if I have a good reason.
If by in the red you mean 2.2 Trillion invested in the bonds of a government that is 17 Trillion dollars in debt and can't stop spending -- yes.
I would ask those retired people why they kept voting for their politicians, but I'm not looking to be popular.
Yep, just think about how criminally insane this is:
Social Security sells it monthly surplus via special treasury only bonds to the treasury (ie itself) who cannot possibly redeem the bonds once mature.
Social Security has been running a deficit since 2010.
Social Security is an income re-distribution in the same vein as Obamacare.
“I would ask those retired people why they kept voting for their politicians, but I’m not looking to be popular. “
I asked an old friend of my mother’s who has since passed why she always voted Dem. She said it was cause her dad told her what an evil man Herbert Hoover was. A lifetime of never giving any thoughts to politics.I just shook my head. This woman was actually conservative the way she lived but when she got to the voting booth all thought processes stopped.
The ‘Death Panels’ of Obamacare will address that particular issue.
Dr. Zeke Emanuel says a nation’s valuable resources should be used on those who have potential to produce rather than the really young (less than 8) or old and disabled.
Social Security and Medicare were to be paid for with the related taxes we all paid. They are NOT an “entitlement”.
The fact that Congress undercharged (in order to buy votes) and squandered the money we paid in is NOT OUR FAULT!
Blame Congress - the “criminal class in America” according to Mark Twain.
Sorry, Kids, you’re f*cked.
Social Security is an income re-distribution program as well as a ponzi scheme.