Stanley Druckenmiller, who boasts one of the hedge-fund industry’s best long-term track records of the past three decades, says the government must address entitlement spending.
“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.
Druckenmiller decided to stop managing client money in 2010 after three decades in the business, including more than 10 years as chief strategist for billionaire George Soros. From 1986 through 2010, he produced average annual returns of 30 percent at his hedge fund Duquesne Capital Management LLC.