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Stanley Druckenmiller says government needs to stop spending like ‘drunken sailors,’ cut entitlements

Stanley Druckenmiller, Duquesne Family Office, at CNBC’s Delivering Alpha, Sept. 28, 2022.

Scott Mlyn | CNBC

Billionaire investor Stanley Druckenmiller said the federal government has been spending recklessly at the expense of the health of the economy.

“We are spending like drunken sailors,” Druckenmiller said on CNBC’s “Squawk Box” Wednesday. “Don’t forget pre-Covid … the federal government was 20% of GDP in spending. Now it’s 25% of GDP … My father told me if you’re in a hole, stop digging Stan.”

The legendary investor, who now runs Duquesne Family Office, said he was disappointed to find out that the White House is seeking another $56 billion in emergency spending for disaster relief and childcare programs, in addition to the $106 billion the administration wants for Israel and Ukraine.

The federal government wound up its fiscal year in September with a deficit just shy of $1.7 trillion, up about $320 billion, or 23.2%, from fiscal 2022.

This is breaking news. Please check back for updates.

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