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.
Will we get to wear stars before they kill us?
And Medicare is a worse income re-distribution mechanism, you pay in based on your income (no cap) and take out based on your medical bills. Obamacare also imposed expands the Medicare tax on individuals making over $200K and married couples amking over $250K.
How am I ripping off the Obama generation after paying into the MediCare and Social Security system for 45 years? Not even in the same dictionary as the word entitlement!
” IS SOCIAL SECURITY A PONZI SCHEME ? “
On CNBC TV’s “Squawk Box” Rick Santelli asked guest host Thomas L. Friedman, New York Times foreign Affairs Columnist, and author of his new book “ That Used to be Us, “ the following question: “ Is Social Security a Ponzi Scheme ? “ Tom replied, “ Your question is idiotic ! “ Rick then replied: “ Your answer is idiotic! “
A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.
That might as well have been an entry for “Social Security System,” except for the short term part. But returns, at least for older Americans, have been far in excess of what they put IN to the system.
Recall some people sued Carter when he raised the retirement age in the 1970s. Plaintiff argued that the gubmint had a contract with the people. Another myth. The Supremes ruled SS is a legislated entitlement and Congress is granted wide latitude to change it. In other words, Congress can spend all of SS money on a one month orgy on the DC mall and the only thing the American people can do is vote the bastards out of office. That is why SS is the worst contract to accept. At least a 401k is your money and the provider has contractual obligations to the original terms of the agreement and one can sue them if they violate the contractual terms. SS does not have this feature.
And a Ponzi Scheme is voluntary.
If you are smart and cautious, you can avoid them completely. Sosh security is enforced by the law, so no amount of planning can allow you to avoid getting scammed.
Sosh security is worse.
Sosh security is worse.
Precisely. Somebody who holds a gun to your head to get you to invest in a Ponzi scheme isn't a con man, he's a robber.
I fell much better now that we have 0bamacare, though. I'll be living a long and happy life after I retire. Well, whatever organs they can harvest will, anyway. I'm teaching my kidneys Spanish.
Social Secuirty Trustee admits it’s a Ponzi Scheme
the SS Trustee also says that payroll taxes alone will have to be 30% in order to keep paying the current level of benefits.
“Writing yourself a check for $1,000,000 does not make you a millioniare”
What you pay for Medicare won’t cover your costs
WASHINGTON You paid your Medicare taxes all those years and think you deserve your money’s worth: full benefits after you retire.
Nearly three out of five people say in a recent Associated Press-GfK poll that they paid into the system so their benefits shouldn’t be cut.
most everyone’s addicted to their entitlement.
SS and Medicare are a Ponzi scheme and nothing else. As long as we had more workers than retirees, we were o.k. Now we have more retirees than workers and it’s not o.k.
If people only took the actual amount they paid in, that, too, would have created solvency.
P.S. - FICA is a tax, noting more, nothing less. It is not Insurance!!! It is YOUR Fault for being so gullible and failing to do the math.
I have know hundreds just like her over the years. Trying to change their minds is mission impossible.