What Warren fails to mention is that all US Presidents spend more than the tax revenue taken in.
It's what we call, the National deficit
He makes it sound like Boss is the first one to have done it.
Obama added more to the deficit, than all preceding Presidents, combined.
The current economic environment is one that no one could have seen coming, Warren Buffett said.
In an CNBC interview that aired Friday, Buffett noted that unemployment is at generation lows, yet inflation and interest rates are not rising. While at the same time the U.S. government continues to spend more money than it takes in.
“No economics textbook I know that was written in the first couple of thousand years that discussed even the possibility that you could have this sort of situation continue and have all variables stay more or less the same,” Buffett told CNBC’s Becky Quick on Thursday ahead of the annual Berkshire Hathaway shareholders meeting in Omaha on Saturday.
