Billionaire Seeks Cuts to Already Insufficient Social Security Despite Deficits and Rising Elder Poverty
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Stanley Druckenmiller, a billionaire investor, says the U.S. is "spending like drunken sailors" and wants cuts to Social Security. This is at a time when benefits are already insufficient for many.
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Druckenmiller proposes slashing Social Security benefits to 85-90 cents on the dollar for future seniors. However, many current seniors rely on benefits as their main income.
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The U.S. ran a $1.7 trillion deficit in the 2023 fiscal year. The White House recently proposed billions more in spending without offsets.
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Druckenmiller wants to "go after entitlements" to cut spending. Social Security funds are projected to run out by 2033 if no changes are made.
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With high inflation, Social Security benefits already do not cover expenses for many low-income seniors. Older adults are the fastest growing segment of the homeless population.