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Old 07-07-2017, 08:33 PM
 
Location: East Coast of the United States
15,680 posts, read 18,247,140 times
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According to Warren Buffett, the U.S. economy is on an inevitable upward trajectory for decades into future, at minimum. The reason for this is that our nation has the greatest entrepreneurs and innovators that the world has ever known and it will continue to have them.

We are pretty much guaranteed a 2% annual GDP growth rate, and this will continue indefinitely - short of a nuclear attack on this nation, which is unlikely. It doesn't matter whether there is a Republican or Democrat administration in the White House. Buffett predicted that the stock market would rally regardless of whether Trump or Clinton won the election.

The richest Americans today are many times richer than the richest Americans were 30 years ago. And 30 years from now, they will be much richer still. This means that the gap between the rich and poor will widen even more dramatically than it has. So, the government must step in to help the poor.

Do you agree with Buffett's assessment about the U.S. economy? Why or why not?
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Old 07-08-2017, 01:12 AM
 
4,310 posts, read 2,453,423 times
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Quote:
Originally Posted by BigCityDreamer View Post
According to Warren Buffett, the U.S. economy is on an inevitable upward trajectory for decades into future, at minimum. The reason for this is that our nation has the greatest entrepreneurs and innovators that the world has ever known and it will continue to have them.

We are pretty much guaranteed a 2% annual GDP growth rate, and this will continue indefinitely - short of a nuclear attack on this nation, which is unlikely. It doesn't matter whether there is a Republican or Democrat administration in the White House. Buffett predicted that the stock market would rally regardless of whether Trump or Clinton won the election.

The richest Americans today are many times richer than the richest Americans were 30 years ago. And 30 years from now, they will be much richer still. This means that the gap between the rich and poor will widen even more dramatically than it has. So, the government must step in to help the poor.

Do you agree with Buffett's assessment about the U.S. economy? Why or why not?
No. Soon no one will be able to afford a house.
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Old 07-08-2017, 02:23 AM
 
4,772 posts, read 2,273,078 times
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Originally Posted by Perma Bear View Post
No. Soon no one will be able to afford a house.
This sounds like a prediction based on a distressing personal finance situation as opposed to anything related to reality.
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Old 07-08-2017, 03:10 AM
 
64,771 posts, read 66,270,542 times
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i agree , personal situations can make for flawed views of economic situations . by the same token i can say all our kids and spouses have bought homes and have excellent careers

Last edited by mathjak107; 07-08-2017 at 04:05 AM..
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Old 07-08-2017, 04:04 AM
 
Location: USA
6,171 posts, read 4,962,247 times
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Originally Posted by mathjak107 View Post
i agree , personal situations can make for flawed views of total situations . by the same token i can say all our kids and spouses have bought homes and have excellent careers
Yeah I think the key is to study and then work in a field that pays.
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Old 07-08-2017, 06:15 AM
 
4,229 posts, read 1,910,681 times
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Originally Posted by BigCityDreamer View Post
Do you agree with Buffett's assessment about the U.S. economy? Why or why not?
False premise. Neither Buffett nor any other sane individual ever offered such an assessment.
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Old 07-08-2017, 08:00 AM
 
3,980 posts, read 1,606,153 times
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Originally Posted by Pub-911 View Post
False premise. Neither Buffett nor any other sane individual ever offered such an assessment.
Not true. All you have to do is look at his most recent shareholder letter (http://www.berkshirehathaway.com/letters/2016ltr.pdf):


Early Americans, we should emphasize, were neither smarter nor more hard working than those people who toiled century after century before them. But those venturesome pioneers crafted a system that unleashed human potential, and their successors built upon it.

This economic creation will deliver increasing wealth to our progeny far into the future. Yes, the build-up of wealth will be interrupted for short periods from time to time. It will not, however, be stopped. Iíll repeat what Iíve both said in the past and expect to say in future years: Babies born in America today are the luckiest crop in history.


Personally, I wouldn't bet against the man given his astonishing track record.
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Old 07-08-2017, 08:32 AM
 
Location: Ruidoso, NM
5,170 posts, read 4,741,380 times
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Quote:
Originally Posted by MinivanDriver View Post
[i]Early Americans, we should emphasize, were neither smarter nor more hard working than those people who toiled century after century before them. But those venturesome pioneers crafted a system that unleashed human potential, and their successors built upon it.
That's nothing but fluff. The Industrial Revolution did not begin in the US, and the living standard in the US was mediocre compared to other developed countries until after WW2. Our "great period" didn't last long though. In the last few decades the US has been losing ground against most developed countries. We are around 27th in median wealth as of 2012:




On the other hand if Buffet is talking to the .01%, then their wealth has skyrocketed in the last 40 years and I suspect that will continue. He still needs to address the challenges that AI will cause to consumer-capitalism, and how those issues will be addressed. If he wants make any sense, that is.
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Old 07-08-2017, 08:50 AM
 
4,229 posts, read 1,910,681 times
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Originally Posted by MinivanDriver View Post
Not true. All you have to do is look at his most recent shareholder letter.
Nowhere in that letter or anywhere else has Buffett or any other sane person indicated that the American economy is indefinitely guaranteed at least a 2% annual growth rate. The OP puts forward a false premise entirely.
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Old 07-08-2017, 11:26 AM
 
8,744 posts, read 2,413,376 times
Reputation: 8236
Quote:
Originally Posted by BigCityDreamer View Post
According to Warren Buffett, the U.S. economy is on an inevitable upward trajectory for decades into future, at minimum. The reason for this is that our nation has the greatest entrepreneurs and innovators that the world has ever known and it will continue to have them.

We are pretty much guaranteed a 2% annual GDP growth rate, and this will continue indefinitely - short of a nuclear attack on this nation, which is unlikely. It doesn't matter whether there is a Republican or Democrat administration in the White House. Buffett predicted that the stock market would rally regardless of whether Trump or Clinton won the election.

The richest Americans today are many times richer than the richest Americans were 30 years ago. And 30 years from now, they will be much richer still. This means that the gap between the rich and poor will widen even more dramatically than it has. So, the government must step in to help the poor.

Do you agree with Buffett's assessment about the U.S. economy? Why or why not?
I judge predictions by the record.

Based on that, Buffet is probably correct. In fact, most of what he says is already happening...so no great feat to predict it.

Other than the Great Recession (human error by the Bush admin and "free market" wall street types) - we have had a growing economy for decades. Even with the Recession, it currently has been growing for about 8 years.

In general I'd say reported unemployment numbers under 7% are great...especially compared to the rest of the world. And, in the end, we do have to compare...

Also, the gap between rich and poor is a FACT. It doesn't have to be guessed at because stats show it clearly...

The biggest problem I see for the USA is a lack of happiness. It's a complex problem...probably comes down, in the end, to Americans lacking discipline and moxie. But as Buffet says, many don't have those problems - and they will lift up the basic economy.

Of special interest are the economic engines of the Bay Area, Boston, S. Cal and some other similar places. Value is being created by greater efficiencies, etc.

But a large % of the population hasn't shared in the wealth and I don't foresee changes that will allow them to.
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