Thursday, July 7, 2011

Buffett is Disingenuous

Warren Buffett was interviewed this morning by Becky Quick on CNBC and, once again, reiterated his pro - big government stance. He cited the national debt that existed at the end of World War II in the US which was 120% of GDP at the time. The fact that he cites that episode shows the extreme cynicism of Buffett and other Obama apologists. Everyone knows, as Buffett knows, that slowing spending after World War II amounted to producing fewer tanks, airplanes and war materials -- no tough political decisions there!

Today, the issue is cutting social security, medicare, and medicaid. Buffett considers cutting social security benefits as the equivalent of ordering fewer tanks for a war that has come to an end. Either Buffett is an idiot, which is doubtful, or he is a man with an agenda, which is more likely.

Buffett is the guy who constantly urges higher tax rates knowing full well that he won't have to pay them, since he is free to shift his income in ways that minimize taxes, something he has, by his own admission, always done. Buffett and other rich folks who advocate higher taxes for the rich know full well that the truly rich have nothing to fear from higher tax rates. Indeed, the truly rich will simply shift their assets and around and control their taxable income so that they are not impacted by higher tax rates. They are masters at that.

What Buffett wants is for the great middle class to shoulder the burden of his big government spending plans. He has his. He could care less what happens to the opportunities for the average American. The environment that permitted Buffett to amass his fortune would be trashed by Buffett, so that he can maintain his power in a society where future Warren Buffetts would have little or no hope to create wealth.

Buffett is an arrogant rich guy with nothing but contempt for capitalism and its defenders.