CNBC: Stanley Druckenmiller Says Government Needs to Stop Spending Like 'Drunken Sailors,' Cut Entitlements
Article by Yun Li in CNBC
Billionaire investor Stanley Druckenmiller said the federal government has been spending recklessly and failed to issue debt at low rates in past years, mistakes that will ultimately lead to some tough choices in the future like cutting Social Security.
“We are spending like drunken sailors,” Druckenmiller said Wednesday on CNBC’s “Squawk Box.” “Don’t forget pre-Covid ... the federal government was 20% of GDP in spending. Now it’s 25% of GDP. ... My father told me ‘if you’re in a hole, stop digging Stan.’”
The legendary investor, who now runs the Duquesne Family Office, said he was disappointed to find out that the White House is seeking another $56 billion in emergency spending for disaster relief and child-care programs, in addition to the $106 billion the administration wants for ......