Warren Buffet Is Wrong on Taxes
Many people have made money by following the advice of Berkshire Hathaway CEO Warren Buffett. His recommendations about which stocks to buy, which to sell and where to invest (or not) have earned him the “Oracle of Omaha” title. I prefer a modern cultural version: “the Taylor Swift of Capitalism.”
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Speaking at his company’s annual hedge fund shareholders gathering, Buffett predicted the government will have to raise taxes if the massive$34 trillion (and counting) national debt is to be reduced. He said nothing about cutting spending which remains the real problem. The debt is approaching the value of the entire U.S. economy. It does not take an economist or someone with only a minimal knowledge of economic principles to conclude that Buffett has it backward.
According to the Committee for a Responsible Federal Budget: ” In the first seven months of Fiscal Year (FY) 2024, spending on net interest has reached $514 billion, surpassing spending on both national defense ($498 billion) and Medicare ($465 billion). Overall spending has totaled $3.9 trillion thus far. Spending on interest is also more than all the money spent this year on veterans, education, and transportation combined.”
Is there anyone who believes that allowing
