I Listened
Buffett is chairman and CEO of Berkshire Hathaway Inc. Forbes magazine placed Buffett at No. 2 on its 2008 list of richest Americans. His wealth is estimated at $50 billion. In “You have the Power,” Howard Dean describes Buffett as a billionaire with a conscience.
In May of 2005, Buffett warned on CNN, that our country is becoming a sharecropper society and that if we keep doing what we’re doing, the world will own a greater percentage of this country. The cost of servicing the debt will mean that we will send abroad a percent of our GDP every year just to service debt, which arose from the over - consumption that is currently taking place. “Our sons will pay for the sins their fathers.”
When asked about Social Security, by Lou Dobbs, Buffett’s answered: “I personally would increase the taxable base above the present $ 90,000. I pay very little in the way of SS taxes....The rich people are doing so well in this county, I mean we never had it so good.... It’s class warfare, my class is winning, but they shouldn’t be.... Just take the estate tax, less than 2% of all the estates pay any estate tax. We raise $ 30 billion from estate taxes. I would like to hear a Congressman say who they are going to get the $ 30 billion from if they don’t get it from estate taxes. It’s nice to say... wipe out this tax, but we’re running a huge deficit, so who does the $ 30 billion come from?”
In March of 2007, on CBS’s “60 Minutes," the Comptroller General at the Government Accountability Office, David Walker painted a very sobering picture regarding the federal government's ability to meet its future obligations. Walker claimed our government’s entitlement spending is out of control and can’t keep its promises for Social Security and Medicare, because it’s too late to reformed our entitlement system.
Yesterday, House Speaker Nancy Pelosi announced great progress in reaching a deal with Republican leadership on a proposed $700 billion bailout of the financial system. I’d hoped that members of the House would put political gamesmanship aside and support that bipartisan bill, but 22 Republican’s changed their minds and the stock market fell 775 point. Reportedly, they changed their mind, because Pelosi’s made a speech that they considered too partisan.
When Warren Buffett and David Walker talked, I listened. Unfortunately, a majority of Americans and their representatives in the House haven’t been listening.

