Canada ’74 and Druckenmiller ’75 on the Economy (CNBC)

Investor Stanley Druckenmiller ’75 and educator Geoffrey Canada ’74 took their warnings about the economy to the airwaves recently when they appeared on CNBC with Maria Bartiromo. Their appearance follows a recent Wall Street Journal op ed piece published by the two Bowdoin graduates (along with former Federal Reserve governor Kevin Warsh) in which they warned of “unsustainable government spending.” (And don’t forget to check out Stan Druckenmiller’s tie!)

2 comments to Canada ’74 and Druckenmiller ’75 on the Economy (CNBC)

  • Lisa McElaney '77

    Agreement across political dividing lines is always a delight to see. So are polar bears on neckties!

    Still, certain threads in the fabric of the Canada, Druckenmiller and Warsh argument are being under-discussed in the blogosphere. Understandably perhaps, for the sake of rare harmony.

    Stan Druckenmiller is bold to suggest on a television outlet watched frequently by “the 1%” that there should be means testing to determine who should receive entitlement benefits. From the mouths of others – long time advocates for social justice, for instance – such a suggestion is often decried as socialism. That the CNBC host didn’t hone in on Druckenmiller’s pragmatic suggestion indicates to me that audiences hear what they want to hear. In this case, the message many will take away is that the federal government needs to stop spending, period. Yet, what I like to think Canada, et al. are saying is that savings in entitlement spending must be redirected post haste toward less expensive investments in public health, early childhood, scientific research, innovative technologies and other essential boosters of sustainable wealth and well-being.

    It would be great if audiences could hold two truths simultaneously: 1) that federal spending on entitlements needs to be addressed fairly and 2) that failure to fund prevention and innovation today may be putting the next generation at risk just as much over spending on this generation’s Social Security and Medicare.

  • Well said Lisa. Your critique requires subtle and nuanced thinking; designs that media outlets find a hassle to encourage. I find myself watching CSPAN quite a bit because of that. I’m proud to have whatever minor association with two thinkers who were willing to move forward together as they did – Canada and Druckenmiller. It really is the coming together of two “camps” that could fund, inspire, and drive many financial and social action campaigns with unity. 1% folks are are interested as any other group in developing the minds and futures of inner-city folks. And responsible activities like Canada know that facilitation of growth and creativity require money making incentives.

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