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FBN's Gerri Willis on Duquesne Capital Management founder Stanley Druckenmiller's warnings on entitlement spending.
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-- -- All right well also despite today's record highs for the Dow one investment icon is warning that -- Stallman is coming and it could be worse what we experienced in 2008.
Or 2010.
-- of Gerri Willis joins us now with more on that story very.
The Stanley drunken -- and you may remember him he runs Duquesne capital management he's famous he worked with George Soros people listen to on -- He's pretty Smart and he's all over town warning about the impending problems with entitlements that old people he says are stealing from young people.
-- at some numbers that he's been talking about as -- said all over town.
He says that in 1960 total government outlays to entitlements or 28%.
-- federal spending you might 1994.
They were 50%.
This year they will be 67%.
So think about it -- 7% of government outlays.
Going to entitlement programs.
This really isn't something that we can afford he's warning that this is going to be Armageddon he thinks sixteen trillion dollars -- a lot of debt.
That's it says it's gonna be.
You know.
Twice that three times that more than that no one's talking about it -- he does say this is going to end badly right.
Yeah and why can't we get Washington talk about this -- Because they're afraid it is the third rail -- government if you touch anybody's entitlements.
I can get tossed out of office drug similar though is so insistent on that he said.
That you have to touch the entitlements of existing seniors.
-- virtually what nobody else says Paul Ryan does not say that the Republicans do not say that -- He says this problem is gonna be so severe it's gonna cost us so much money.
As we have something like old people growing generated twice that of young people the number -- people supporting people in retirement in these entitlement programs.
Going from four point 821 to two point 821.
Yeah he says these delegates C news he's against currency is stealing from future senior -- so he's -- -- that -- he's making the argument is.
I'm for keeping seniors say right -- but -- what he's really talking about is that we have to stop spending in the way we're spending now seniors.
It's scary -- it is scary stuff what you got coming up there pretty talking about the markets today what's going on with the markets but also looking ahead what happens next.
-- haven't when Ben Bernanke starts pulling back three trillion balance -- he's sitting on right now.
What happens with with interest rates what happens with people's money you know a lot of people out there had not participated in this rally.
And let me tell you it's nice being at 141250.
-- like to see fifteen I'd like to see sixteen because I've missed five years of saving for my retirement five long years of saving for -- -- but anyway yes.
We got into.
