Stanley Druckenmiller warns U.S. needs to stop 'spending like drunken sailors', rising interest rates could be 'force for good'

Joseph Adinolfi is a markets reporter at MarketWatch.

Billionaire hedge-fund founder Stanley Druckenmiller warned on Wednesday that the U.S. government needs to stop spending “like drunken sailors” before the ballooning national debt begins to undermine American competitiveness.

“You can crowd out the innovation machine in this country,” he said. “You can become a zombie nation in terms of what we’re funding and not funding.” A representative for the Treasury Department also disputed Druckenmiller’s point in a statement emailed to MarketWatch.

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