MCViewPoint

Opinion from a Libertarian ViewPoint

EconomicPolicyJournal.com: Warren Buffet Just Proved That He is an Ignoramus When It Comes to Economics …And then There Is His Secretary

Posted by M. C. on February 28, 2020

3 comments:

  1. Of course he understands. Do you think these billionaires are coming on air to give the masses actual knowledge or information? These guys tow the line. They know what time it is. The serfs don’t need to hear anything other than government knows best.

  2. Pragmatist maybe, ignoramus unlikely. I am no fan of Buffet’s expressed investment strategy nor his policy proscriptions. His policy proscriptions to tax the wealthy and give money to the less wealthy is not necessarily based on economic ignorance. He seems fully aware of the power of capitalism and doesn’t want that destroyed and he might also understand the power of the free market. But he is also probably aware of the power of might makes right. As long as people sanctify theft by their political activity might makes right is a serious risk to the wealthy. And free market policy proscriptions offer little protection. So his offer to share some of his wealth might be his best chance to keep all of it from being stolen. Very pragmatic and it can work. The wealthy of Rome survived for hundreds of years with a policy of bread and circuses.

  3. You don’t have to understand how cows work to know who butters your bread

    Recall when Buffet’s secretary became famous for either paying more personal tax or paying a higher rate than Buffet.

    Buffet’s solution was to raise his tax. No thought of of lowering his secretary’s tax.

https://www.economicpolicyjournal.com/2020/02/warren-buffet-just-proved-that-he-is.html

Billionaire Warren Buffett appeared Monday on CNBC.

At one point, he stated that some of the points made by socialist presidential candidate Bernie Sanders made sense because “too many people are being left behind.”

Of course, he never focused on the many ways government regulations and taxes are hurting so many.

Though at one point he did point out the power of production, he quickly returned to advocating government interference and a give away program to lower incomes rather than freeing up individuals.

In other words, while an investment savant, Buffett does not appear to understand the power of free markets and incentives. He said, “We need more regulation.” He has a shallow central planning mentality like so many. When it comes to economics he is just one of the masses in his thinking.

RW

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