After surpassing the $32 trillion mark on June 16th, the total debt accumulated by the US has already jumped an additional $590 billion as of July 20th. In a new interview on Bloomberg TV, billionaire investor David Rubenstein says the US can only manage its ever-increasing pile of debt with inflation, which will further expand America's income inequality gap.
"The biggest concern overall is that the clash between the haves and the have nots. In the Western world, the clash is going to be between the older people and the younger people. The older people are living longer and longer, but the retirement benefits are not really going to keep up with what they expect or what they need. And the younger people are going to have to say, 'we don't want to work that much harder just so you have a better retirement.'".
You're going to have other endowment programs that are not adequately funded, and the result is going to be more and more people are going to be fighting between a clash of age groups, you could say.
In the United States, many people don't go any longer believe in the American dream, whereas people come to our country, they often believe in the American dream.
People born in our country don't think any longer they can rise up because they have so many social factors against them.
"I think younger generations would be helpful if they got involved in the government more, much more. We still see a lot of the senior government position in the US not occupied by younger people and I think younger, more younger people would be good to get involved in government more, but also in business. In most of the board meetings that I attend and corporate board meetings or foundation board meetings or nonprofit board meetings, you rarely see somebody under the age of 40 on these boards."
I think younger people would be able to provide ideas that maybe older people like me can't really think of as well.
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