Druckenmiller comments on Federal spending

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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 on CNBC's "Squawk Box" Wednesday. "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."
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Despite his calls to cut overall spending, the widely followed investor stressed that it's necessary for the U.S. to support Ukraine and disagrees with Republicans urging to stop funding in that region.

"I was actually happy to see when the announcement the support for Ukraine and Israel $106 billion," Druckenmiller said. "Do you know how much we're gonna have to spend if Putin wins in Ukraine? It's madness."
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Stanley Druckenmiller says government needs to stop spending like 'drunken sailors,' cut entitlements

Stanley Druckenmiller said the federal government has been spending recklessly and failed to issue debt at low rates in past years.

www.cnbc.com

 

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He's beating the drum again:

Reckless government spending enabled by the Federal Reserve is hurting average Americans and endangering President Joe Biden's chances at getting reelected, billionaire investor Stanley Druckenmiller said Tuesday.

During an appearance on CNBC's "Squawk Box," the head of Duquesne Family Office who made his name betting against the British pound in the early 1990s blasted fiscal and monetary authorities, including Treasury Secretary Janet Yellen and Fed Chair Jerome Powell.

In addition, he called "Bidenomics" a failure and said consumers are paying the price in terms of higher inflation.

"There does seem to be a lot more recognition ... of the fiscal situation facing us. Everybody seems to get it but Yellen, who just keeps spending and spending," Druckenmiller said. "I think it's dumb politically because it's causing inflation and it doesn't take a genius to figure out that the average American is getting hurt by the inflation."
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More:

https://www.cnbc.com/2024/05/07/stanley-druckenmiller-gives-bidens-economic-policies-an-f-blames-the-fed-for-reigniting-inflation.html