During a talk at CNBC’s Delivering Alpha conference, a well-known billionaire investor said that the United States is experiencing a debt crisis.
“We’re in serious difficulty. In terms of measurements, everything I stated at those colleges is thus worse, with the exception of one item,” Stanley Druckenmiller, who created Duquesne Capital Management and oversaw it until August 2010, said, “And what I underestimated was I didn’t compute zero rates; I used 4 percent rates. However, the one issue on which Donald Trump and Hillary Clinton could agree in 2016 was to protect entitlement programs like Social Security. Therefore, nothing was done.”
According to UsDebtClock.org, the national debt is above $30.9 trillion, or 124.9% of the GDP of the United States. The United States has unfunded obligations for Social Security and Medicare totaling more than $171 trillion.
“Rick Scott has come under fire from Joe Biden for daring to suggest that perhaps we shouldn’t be raising senior salaries. The interest expenditure alone on the debt will consume all health care spending by 2027,” said Druckenmiller, “assuming you adopt the CBO projection and the reversal I just discussed (which, to be honest, I believe is rather optimistic). By 2047, all discretionary expenditure has been consumed. Thus, fiscal dominance is now becoming a reality. It also consumes all Social Security by 2049. Our capacity to basically serve the next generation, and I’m not even sure about the present one, is getting to the point where the interest expense on the debt is so high.”
“The American government owes a lot of money. The negative effects of continuing on our current course are real, the Committee for a Responsible Federal Budget stated in a 2019 study, even though evaluating the country’s fiscal condition in trillions of dollars or percentage points of GDP may appear abstract.”
Other experts, such as Nouriel “Dr. Doom” Roubini has projected that the United States will have a protracted recession and said that there was a possibility that stock prices might decline dramatically as a result of the recession. In a speech in March, BlackRock President Rob Kapito warned that rising prices might result in a labor and product scarcity.
YOU NEED TO TALK TO biden AND HIS CROOKED CRONIES
YES JOE BIDEN HAS SPENT MORE MONEY IN 18 MONTHS THAN ANY OTHER PRESIDENT HAS IN 8 YEARS
Social Security is a classic Ponzi Scheme. Just because it is the government doing it doesn’t change how wrong and immoral it is. The fact is if your SS payroll tax was conservatively invested the average taxpayer would have four times as much income in retirement and leave hundreds of thousands to their heirs and there would be no unfounded liabilities from SS.
As for the national debt, the only way out for the government to survive is inflation, which is a hidden tax that makes all of us poor, but makes the debt appear to be less.
I fear we have already surpassed the point of no return. If in any event a citizens debt exceeded 25% of their total income they would effectively be down the tubes without any chance of recovery until the debt subsided somehow. There is no inheritance for the government to institute aside from yours. They are happy to destitute everyone to keep lining the democrats pockets with chinese money and undermining yours.. Stupid people will vote for more of the same thinking they are being rewarded.
look the E.T s are here and working to take everyone over with divide and conquer. if when you were born someone had put 1000 dollars and opened a savings account for you and never put another dollar in, by the time youre 65- you are more than a millionaire.