**FILE** Stanley Druckenmiller (Associated Press) more >Entitlement spending is driving the nation into deeper economic despair than most realize, said hedge fund guru Stanley Druckenmiller.
“I see a storm coming, maybe bigger than the storm we had in 2008, 2010,” Mr. Druckenmiller told Bloomberg TV.
The cost of Social Security, Medicare and Medicaid poses much more danger than the oft-debated sequester and will eventually bankrupt the nation, he said. The trio’s unfunded liabilities have already reached $211 trillion, some estimates say.
“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit,” Mr. Druckenmiller said. “I am not against seniors. What I am against is current seniors stealing from future seniors.”
His statements come as economists are reporting incomes for U.S. households are falling.
Just-released Commerce Department figures show incomes have dropped 3.6 percent, the greatest fall in almost 20 years, Bloomberg says.
“It’s going to be touch and go for the consumer for the next few months,” said Ryan Sweet, a senior economist at Moody’s Analytics in Pennsylvania, in the Bloomberg report.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at cchumley@washingtontimes.com.
By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
Covering the world of soccer, including the World Cup, Major League Soccer, D.C. United and the English Premier League and other interesting sporting events.
Happiness is attainable. Morning to night. I love to teach, deal with folks that have an issue and really wish to tackle it and write.
Benghazi: The anatomy of a scandal
13 Photos
Vietnam Memorial adds four names
18 Photos
Cinco de Mayo on the Mall
11 Photos
NRA kicks off annual convention
8 Photos
