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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.
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.
Didn't Buffet say the same thing about Reagan's high deficits? How bad they were and that we'd never pay them off?? And within 10 years we had a balanced budget.
Didn't Buffet say the same thing about Reagan's high deficits? How bad they were and that we'd never pay them off?? And within 10 years we had a balanced budget.
When did Buffett say Reagan borrowed $1.8 trillion a year?
Who needs Warren Buffett to tell them where this is going?
He's saying what most of us already knew - that there is NO WAY IN HELL we can overcome the massive debt Obama is creating. The only way out is for the government to crank up the printing presses and KILL the value of the dollar.
Someone doesn't have to be a Warren Buffett to see this.
Well, yeah, I agree... but there seems to be a rather large population of posters on C-D that completely missed the obvious.
Quote:
In fact, the Oracle of Omaha is a little late to the party.
Give the man a break - it was hard for him to admit he was wrong to endorse Obama.
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