atans1

Where Buffett & PAP agree

In Uncategorized on 09/05/2016 at 8:36 am

From NYT’s Dealbook last Monday

WARREN BUFFETT TALKS OF SHARING THE WEALTH Nebraska has just hosted Berkshire Hathaway’s annual meeting, also known as Woodstock for Capitalists, at a time when Bernie Sanders has beaten Hillary Clinton in the Democratic caucuses and younger generations are questioning the very premise of capitalism.

This has not passed Warren Buffett by, Andrew Ross Sorkin writes in DealBook.

“You should be questioning it at that age,” Mr. Buffett said in an interview.

He acknowledged that the system “left too many people behind,” but said Mr. Sanders’s solutions were “are very off base.”

As for those skeptical young people, he said “The conclusion shouldn’t be to kill the golden goose.” Instead we need to make more eggs and better distribute them.

Now doesn’t “[W]e need to make more eggs and better distribute them” sound like what the PAP is telling us about “Growing the pie”? What do you think?

NYT Dealbiil goes on: Indeed, there was talk at the annual meeting of the businesses that power the economy and spur employment that perhaps required a slightly broader audience.

Mr. Buffett has mostly managed to avoid becoming a political target, in part because he is described as a compassionate capitalist. But critics say his folksy image is just for show, pointing to his partnership with 3G Capital, a company known for running a lean organization, and the wealth he has tied up in Berkshire, which itself is run to limit his tax bill.

But for a new generation entering the workplace with reasonable questions about the opportunities available in the current system, Mr. Buffett could provide another perspective, Mr. Sorkin writes.

“Twenty years from now, there’ll be far more output per capita in the United States in real terms than there is now,” Mr. Buffett said. “In 50 years, it’ll be far more. No presidential candidate or president is going to end that. They can shape it in ways that are good or bad, but they can’t end it.”

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