Mon, Mar 04, 2013 - Page 15 News List

Druckenmiller warns on US spending

FUTURE PROOFED:While many are focused on the impact of spending cuts, a veteran financial adviser has warned that a far larger crisis could be in store for American youth

Bloomberg

Druckenmiller suggested changing eligibility ages for Social Security and benefit structures for wealthy retirees, as well as removing disincentives for those who would rather work in their later years.

Adding a federal consumption tax would help, he said, because seniors consume about the same amount as people in their 20s or 30s, yet pay less in income taxes.

Another way to shift the burden as the population ages would be to fully tax dividends and capital gains, since retirees typically rely more on those forms of income, he said.

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