Druckenmiller says one billion people left extreme poverty since 1999 while 2,500 billionaires were created globally.
“Or let's look at globally. You've got since 1999, when you had a billion seven people in the world in extreme poverty. The number today is 700,000,000.”
“So 1,000,000,000 people have been lifted out of extreme poverty in the last twenty years. Why? Because obviously India and China adopted a free market model.”
Druckenmiller argues that for every billionaire created, 400,000 people exited extreme poverty over the same period.
“And with regard to all this other talk about billionaires and so forth. So during that same period, you've created 2,500 billionaires, but you've brought a billion people out of poverty.”
Druckenmiller says U.S. poverty fell from 26% decades ago to 16% in 2008 to 13% now, an all-time low.
“It was 26% a few decades ago. It was 16% in the financial crisis and it's 13% now. It's at an all time low. Is 13 poverty rate low enough?”
“Let's just take poverty in The United States. It was 26% a few decades ago. It was 16% in the financial crisis, and it's 13% now. It's at an all time low.”
Druckenmiller says top and bottom income quintiles had same percentage gains after transfers and taxes.
“In fact, they're doing better than they've done in quite some time. Are they doing well enough? No. Are they doing as good as Jeff Bezos?”