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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.
Buffett is [now] saying that Obama's wild, "out-of-control spending" is going to crush us. He's saying what most of us already knew - that there is no way we can overcome the massive debt Obama is creating...unless the government cranks up the printing press and KILLS the value of the dollar.
Warren was wrong last year when the Panic TARP Attack bill was rushed through with no reading and a level of responsibility that would send any businessman to prison.
Warren has, like Mark Twain's father, sure gotten smarter and it didn't take seven years.
Warren knows how to make money, but he doesn't know a con artist when staring in his face.
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