Warren Buffet: America Has Hit The Panic Button

Warren Buffet a highly influential American has finally hit the panic button, saying that we are going to be crushed under a mountain of debt taking into consideration the amount of debt the country is piling up.

warren_buffett.giLast 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.

Here are 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, that’s 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.

Which brings us to the million Dollar question “where’s it going to come from?” Most likely the printing press. And, ultimately, that will destroy the value of the dollar.

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55 Responses

  1. kenyantykoon says:

    i wonder if it will happen as he says. even if he is the richest man in the world and america’s most loved investor,i dont think that he has the power to predict the future. but because of his track record, i think that he should be listened to

    .-= kenyantykoon´s last blog ..PLEASE DO NOT INVEST IN MUTUAL FUNDS!! =-.

  2. Suze 100 says:

    This guy may know a thing or 2 about what he is talking about..

  3. Patrick says:

    Gotta laugh at the “Corey’s” of the world who spew laughable tripe such as this,

    “Warren Buffet, you are wrong about this and you have unfortunately been watching too much Fox News. Perhaps you should be going back to 11th grade economics class, which is coincidentally where I get my information.”

    Of course Corey is gillionaire and made all his money by not exploiting the poor or the environment, creating waste and giving full value to the customer without keeping one penny for himself, right?

    Go back to Moveon.Org or turn CNN back on so you can enjoy the show where we blame everyone on the boogey man and Fox news…

  4. Kevin says:

    Re; Maria’s Comment:

    You can not “get rid of Wall Street.” Americans are free to invest their money in risky ventures if they want to. If you really want to save America’s fortunes and liberty, what you get rid of is the FEDERAL RESERVE!

    That is an illegal institution, and it’s authorization back in 1913 is the biggest scam in civilization’s history, and it continues to this day.

  5. Steve Wimer says:

    We need to stop providing free military protection for the world. What do we get out of it? Debt! That doesn’t work! We need to tax countries where we have a military presence.

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