I live in a not-distant zip code from one sensationally rich person – Warren Buffett.
Mr. Buffett, his family, and any of the other of the super-wealthy will benefit an enormous amount from the recent tax cuts enacted by Congress.
When Congress tells you the tax changes are to benefit you, or will create high paying jobs, they know differently. They are not being disingenuous, they are lying. They do not care about you. They never have, except to get your vote.
Despite calling themselves ‘conservatives’ they are happy to send the U.S. budget another ONE AND ONE HALF TRILLION DOLLARS into debt, transferring this money to their rich donors, to get re-elected.
What does Warren Buffett feel about this? Well, he is still optimistic about the future of the U.S., but he has concerns about which direction the money is going.
Says Buffett: “The challenge will be to have this bounty deliver a better life to the disrupted as well as the disrupters, and on this matter many Americans are justifiably worried.”
He feels the American economic boom has left millions of hardworking citizens “stuck on an economic treadmill,” hopelessly behind as the economy and jobs become more specialized.
In the meanwhile, the wealth of the top 400 families has gone from $93 billion in 1982 to $2.7 trillion today, a 29-fold increase.
Of this, Buffett says: “During this period, this tsunami of wealth didn’t trickle down, it surged upward. These devastating side effects can be ameliorated.”
Speaking both literally and metaphorically, he says: “A rich family takes care of all of its children, not just those with talents valued by the marketplace.”
“In the years of growth that certainly lie ahead, I have no doubt that America can both deliver riches to many and a decent life to all. We must not settle for less.”