A highly influential American has finally hit the panic button about the tremendous mountain of debt the country is piling up.
Last year, Warren Buffett says, we were justified in using any means necessary to stave off another Great Depression. Now that the economy is beginning to recover, however, we need to curtail our out-of-control spending, or we'll destroy the value of the dollar and many Americans' life savings.
Some not-so-fun facts from Buffett's editorial today in the New York Times:
Congress is now spending 185% of what it takes in
Our deficit is a post WWII record of 13% of GDP
Our debt is growing by 1% a month
We are borrowing $1.8 trillion a year
$1.8 trillion is a lot of money. Even if the Chinese lend us $400 billion a year and Americans save a remarkable $500 billion and lend it to the government, we'll still need another $900 billion.
So, where's it going to come from? Most likely the printing press. And, ultimately, Buffett says, that will destroy the value of the dollar.
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Huge Income earners almost destitute
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Think Buffett has something to gain big time with his recent change of direction about the mountain of debt Obama and his boys are piling up on future generations? All of a sudden Mr Buffett, (Mr love Obama) and his dollar expansion policy, now sees it as bad? Must have been the extra $2 trillion added to the 10 year budget yesterday that didn't fit into Buffett's plans exactly. Maybe Obama didn't tell him of the increase in advance and he's miffed!
ReplyDeleteIt's all an act.
ReplyDeleteBuffet says 'everythings coming up roses' right on cue. The market goes up. Idiots put their money in the money for one last bilking.
Buffet says 'everythings not ok' right on cue.
The markets tank.
Pump and dump.
He's good friends with Rothschild.
How else do you think he got so rich?