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Maybe after the Socialist and Chief gets out of office they can find a job.

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Berryville VA
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Stan Druckenmiller, the former chief strategist for billionaire George Soros, is known for having one of the best long-term track records in the hedge fund industry.

Now, the normally publicity-shy investor is hoping to create another legacy: helping to avoid a financial disaster for the country's younger generations. Druckenmiller says the mushrooming costs of providing benefits to aging baby boomers and older generations will bankrupt the country's youth.

"I am not against seniors. What I am against is current seniors stealing from future seniors," Druckenmiller, 59, told Bloomberg News. Forbes estimates that Druckenmiller, a boomer himself, has an estimated net worth of $2.7 billion.

Unsustainable spending will create a financial crisis much worse than the 2008 meltdown, he said, calling it a "much, much bigger storm that's about to hit."

One of the worrying trends he cited is a surge in government spending on programs for the elderly, even as the first baby boomers are just hitting retirement age.

But a tidal wave of retiring boomers is about to hit the U.S. Roughly 10,000 will reach the retirement age of 65 each day through the two decades, according to the Pew Research Center. By 2030, 18% of the country will be senior citizens.

Demand for entitlements is already on the rise: Social Security, Medicaid and Medicare made up 44% of the government's $3.7 trillion in spending in 2011, a jump up from 34% in 1990, Bloomberg said, citing the U.S. Bureau of Economic Analysis.

Seniors "keep getting more and more transfer payments" from younger generations, helped by what Druckenmiller calls a "very, very powerful lobby."

So what can be done? Druckenmiller wants the government to change eligibility ages for Social Security, for one. Capital gains and dividends should also be fully taxed, he said, because retirees usually benefit more than other age groups from that income.

He also supports a federal consumption tax because the elderly buy the same amount of stuff as younger people but end up paying less in income taxes.

Druckenmiller told Bloomberg his next step is to take his message to younger generations.

"With the proper education and with proper voices out there," he said, "we could have 40 million kids marching down to Washington."

Pittsburgh PA
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TOPIC: Are baby boomers stealing the country's future
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