Hedge fund honcho Stanley Druckenmiller is on a crusade to help young people understand why underfunded entitlements for current retirees amounts to the older generation stealing from the young [VIDEO]:
“This is the first generation where a 30-year-old’s net worth is less than his parents’,” Druckenmiller said today on Bloomberg Television’s “Market Makers” with Erik Schatzker and Stephanie Ruhle. “If you look at the older people, their net worth has doubled.”
The increase in senior’s wealth over the past 30 years has come from an increase in Social Security, Medicare and Medicaid spending that has grown from 28 percent of government outlays to 72 percent today.
As the U.S. gears up for the next debt ceiling shutdown, it is important for Gen X, Gen Y and Millenials to reject entitlement reforms that continue paying unfunded benefits.