Left-leaning investor Stanley Druckenmiller agrees that the big spending must end. In the Journal’s Weekend Interview, he explained that: "A financial crisis is surely going to happen as big or bigger than the one we had in 2008 if we continue to behave the way we’re behaving," he told the newspaper.
Druckenmiller made a fortune working with George Soros. Today, the Journal writes, he is "...so concerned about the government's ability to pay for its future obligations that he's willing to accept a temporary delay in the interest payments he's owed on his U.S. Treasury bonds -- if the result is a Washington deal to restrain runaway entitlement costs."
To that end, Druckenmiller seems to support the Medicare reform plan passed by the House of Representatives. "We don't have a choice between Paul Ryan's plan and the current plan, because the current plan is a mirage. That money is not going to be there," he says. "I'm just flabbergasted that we're getting all this commentary about catastrophic consequences, including from the chairman of the Federal Reserve, about this situation but none of these guys bothered to write letters or whatever about the real situation which is we’re piling up trillions of dollars of debt."
As Steyn warns, "Without serious course correction, we will see the end of the Anglo-American era, and the eclipse of the powers that built the modern world."
Britain should serve as a warning. American decline isn't inevitable, but it is certainly possible. “In our time, to be born a citizen of the United States is to win first prize in the lottery of life, and, as Britons did, too many Americans assume it will always be so,” Steyn writes. But if we don’t get spending under control, we’ll be choosing to squander that winning lottery ticket.
Let’s act wisely, and instead choose to succeed, and make this another American century.