How Washington Really Redistributes Income - It’s called generational theft

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    Oct 20, 2013 12:16 AM GMT
    http://online.wsj.com/news/articles/SB10001424052702303680404579141790296396688

    Stanley Druckenmiller: How Washington Really Redistributes Income

    The renowned money manager goes back to school to explain how entitlements are helping the Baby Boomers rip off future generations.

    excerpts only:

    But lately he has been touring college campuses promoting a message of income redistribution you don't hear out of Washington. It's how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller's generation rip off all those doting Barack Obama voters in Generation X, Y and Z.

    "I have been shocked at the reception. I had planned to only visit Bowdoin, " his alma mater in Maine, he says. But he has since been invited to multiple campuses, and even the kids at Stanford and Berkeley have welcomed his theme of generational theft. Harlem Children's Zone President Geoffrey Canada and former Federal Reserve Governor Kevin Warsh have joined him at stops along the tour.

    Mr. Druckenmiller describes the reaction of students: "The biggest question I got was, 'How do we start a movement?' And my answer was 'I'm a 60-year-old washed-up money manager. I don't know how to start a movement. That's your job. But we did it in Vietnam without Twitter and without Facebook and without any social media. That's your job.' But the enthusiasm—they get it."

    Even at Berkeley, he says, "they got it. There is tremendous energy in the room and of course they understand it. I'd say it's a combination of appalled but motivated. That's the response I've been getting, and it's been overwhelming."

    While many seniors believe they are simply drawing out the "savings" they were forced to deposit into Social Security and Medicare, they are actually drawing out much more, especially relative to later generations. That's because politicians have voted to award the seniors ever more generous benefits. As a result, while today's 65-year-olds will receive on average net lifetime benefits of $327,400, children born now will suffer net lifetime losses of $420,600 as they struggle to pay the bills of aging Americans.

    One of the great ironies of the Obama presidency is that it has been a disaster for the young people who form the core of his political coalition. High unemployment is paired with exploding debt that they will have to finance whenever they eventually find jobs.
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    Oct 21, 2013 12:16 AM GMT
    I guess it's just more "convenient" for Obama's young base to just remain in the dark about this. Who would want to know that the person they support is bankrupting their future?
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    Oct 21, 2013 3:17 PM GMT
    MisterOrally saidI guess it's just more "convenient" for Obama's young base to just remain in the dark about this. Who would want to know that the person they support is bankrupting their future?

    More are starting to realize it. I hope the web site gets fixed so more can see the sticker shock. What will that do to the poll numbers? Will be interesting to say the least.
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    Oct 21, 2013 5:03 PM GMT


    For a start, the two of you could easily say no to whatever benefits the system will have available for you. icon_lol.gif
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    Oct 21, 2013 5:43 PM GMT
    meninlove said

    For a start, the two of you could easily say no to whatever benefits the system will have available for you. icon_lol.gif

    Very very insightful. [/not] I have no problems if benefits due me are reduced. Warren Buffet is also free to send more tax money in. What about those in Congress and their staffs who fought to keep their plush benefits?

    Another example at deflecting instead of addressing the topic.
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    Oct 21, 2013 8:47 PM GMT

    Socal, this is a tired old topic, and you know that.


    Now then, if you go into the Wayback Machine and remember when you were young, there were cries that your parents and mine were doing the same thing to us, and they were pretty loud. Yet here we are. icon_lol.gif
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    Oct 22, 2013 1:00 AM GMT
    meninlove said
    Socal, this is a tired old topic, and you know that.

    Now then, if you go into the Wayback Machine and remember when you were young, there were cries that your parents and mine were doing the same thing to us, and they were pretty loud. Yet here we are. icon_lol.gif

    So to restate your point: The previous generation's dire predictions when the debt was $0.5 trillion did not come true. Therefore, the current predictions with the debt at $18 trillion should not be taken seriously. How logical is that?

    All that aside, when Generations X, Y, and Z see the cost of healthcare monthly premiums, and how they're being taken advantage of, the reaction will be interesting.
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    Oct 22, 2013 1:37 AM GMT
    Generations X,Y and Z are unlikely to take advice from an old dude who wastes what little life he has left expressing his hysterical views against the president they support.

    The target market for your propaganda is guys your own age, dudes who've had AARP cards for 10+ years.
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    Oct 22, 2013 1:49 AM GMT
    Foreskinner saidGenerations X,Y and Z are unlikely to take advice from an old dude who wastes what little life he has left expressing his hysterical views against the president they support.

    The target market for your propaganda is guys your own age, dudes who've had AARP cards for 10+ years.


    You show a compassion for the young especially. You may appreciate this topic, which brings to light a touching - and tragic - story.

    http://www.realjock.com/gayforums/3499083
  • Torrecon1826

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    Oct 28, 2013 1:49 PM GMT
    Leave it to a period in history when extensive torture is taking place to promote responsible freedom as a kind of demonic sanctity of far lesser self-considerations.

    Worthy human freedom is a rare characteristic of an everpresent love and sacrifice of all things in all directions (unless you know what you're doing), not the grace and necessity of a guide for dealing with each other in their suffering personally as best we can.

    I don't know what Obama knows or has to do with things.
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    Oct 28, 2013 2:21 PM GMT
    I did not bother to read the original pablum, but I will go ahead and write something. If you are under 50 and think there will be any government entitlement money for you to live on when you retire, you are an idiot.
    The boomer generation has ruined everything they have touched, from weed to sex and they will systematically ruin retirement and social programs as well.
    If you have any brains at all, you will be saving every dime you can to buy your own home, learn to garden your own organic vegetables and invest wisely, because a massive 16 trillion dollar debt will have to be paid back and the most irresponsible generation in history will not have time to find a solution.
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    Oct 28, 2013 3:50 PM GMT
    smartmoney saidI did not bother to read the original pablum, but I will go ahead and write something. If you are under 50 and think there will be any government entitlement money for you to live on when you retire, you are an idiot.
    The boomer generation has ruined everything they have touched, from weed to sex and they will systematically ruin retirement and social programs as well.
    If you have any brains at all, you will be saving every dime you can to buy your own home, learn to garden your own organic vegetables and invest wisely, because a massive 16 trillion dollar debt will have to be paid back and the most irresponsible generation in history will not have time to find a solution.

    There is plenty of blame to go around. That includes many in the younger generations who are ignorant, vote based upon coolness, and support the biggest spending, massive entitlement political party.
  • HottJoe

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    Oct 28, 2013 3:59 PM GMT
    Oh no, the sky is falling!!! Let's gut social security and let the baby boomers die off.

    We might want exploit the natural environment a little (a lot) more as a backup plan!!!

    +1 to being greedy and putting numero uno first!
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    Oct 28, 2013 4:12 PM GMT


    So what's your solution Socal? Euthanasia chambers to extinguish boomers who have no other income? Huge tent cities out near garbage dumps where they can scavenge for food?


    Meanwhile...in the real world...

    http://business.time.com/2013/02/13/boomers-never-got-their-30-trillion-inheritance-will-millennials/


    Apparently Business knows something that you don't.
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    Oct 28, 2013 4:18 PM GMT

    "The millennial generation consists of some 80 million twentysomethings, a demographic even larger than the storied boomer generation."

    ...and that's not counting all the generations that came after the boomers who account for about 74 million people.

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    Oct 28, 2013 5:02 PM GMT
    meninlove said
    "The millennial generation consists of some 80 million twentysomethings, a demographic even larger than the storied boomer generation."

    ...and that's not counting all the generations that came after the boomers who account for about 74 million people.



    Haha - I see you're still full of absolute ineptitude with an inability to do math. You actually think that the system was in the state it was generations ago?

    Once again you show how stupidly inept your generation was. You probably *still* believe that social security is fully funded lol.
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    Oct 28, 2013 5:07 PM GMT

    Aww look, riddler came swooping in to rescue the helpless socal from the big bad mean meninlove. icon_lol.gif
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    Oct 28, 2013 5:10 PM GMT
    meninlove said
    Aww look, riddler came swooping in to rescue the helpless socal from the big bad mean meninlove. icon_lol.gif


    Why would I need to do that? I just saw that you were the last person who posted on this article. I also remember what a fool you came across as previously on the topic having been shown to be so absurdly uneducated on the topic. It's actually kind of funny how you'd even want to embarrass yourself again. icon_lol.gif
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    Oct 28, 2013 5:14 PM GMT
    Now then, I'm riddle-superior-being has a solution. What is it riddie?
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    Oct 28, 2013 5:17 PM GMT
    meninlove said Now then, I'm riddle-superior-being has a solution. What is it riddie?


    Oh no, the solution is obvious and simple. I'm just enjoying how willfully blind you are to the realities of social security and math. Tell me - do you also still believe in Santa?
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    Oct 28, 2013 5:21 PM GMT
    riddler78 said
    meninlove said Now then, I'm riddle-superior-being has a solution. What is it riddie?


    Oh no, the solution is obvious and simple. I'm just enjoying how willfully blind you are to the realities of social security and math. Tell me - do you also still believe in Santa?


    In other words, you're saying you don't know. icon_lol.gif
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    Oct 28, 2013 5:24 PM GMT
    meninlove said
    riddler78 said
    meninlove said Now then, I'm riddle-superior-being has a solution. What is it riddie?


    Oh no, the solution is obvious and simple. I'm just enjoying how willfully blind you are to the realities of social security and math. Tell me - do you also still believe in Santa?


    In other words, you're saying you don't know. icon_lol.gif


    If you say so - you're the moron who actually believes the situation is unchanged and that it was fully funded. icon_lol.gif
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    Oct 28, 2013 5:31 PM GMT


    icon_lol.gif No solution....icon_lol.gif
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    Oct 28, 2013 5:47 PM GMT
    meninlove said

    icon_lol.gif No solution....icon_lol.gif


    Says the moron who believes the system is fully funded and unchanged icon_lol.gif Do you still believe in Santa Claus as well?
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    Oct 28, 2013 5:49 PM GMT

    Still waiting for that solution....from someone who doesn't have one. Bragging's cheap, riddie. icon_lol.gif