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Billionaire investor and business tycoon Warren Buffett, a registered Democrat, shares President Donald Trump’s optimism that the U.S. economy will rebound to greatness once the ongoing coronavirus pandemic subsides.
“Nothing can basically stop America,” he reportedly said Saturday at a virtual shareholder meeting for Berkshire Hathaway, of which he is CEO.
“The American miracle, the American magic has always prevailed and it will do so again. In World War II, I was convinced of this. I was convinced of this during the Cuban Missile Crisis, 9/11, the financial crisis.”
Listen to some of his remarks below:
He was right. America has prevailed through every crisis it’s ever faced. Of course, the America of yore didn’t contain legions of radicalized socialists who want to upend the country’s system of life and transform the country into a mythical utopia.
What remains unknown is how long it’ll take the economy to recover. During a White House meeting last Thursday with New Jersey Gov. Phil Murphy, the president predicted the economy will start to return to normal by the third quarter (July-Sept).
Listen (disable your adblocker if the video doesn’t appear):
“I think we’re going to have a great third quarter. That’s going to be a transition. So when I say great, I think the transition is going to be really terrific and we’re going to take it into the fourth and I think we’re going to have potentially a great fourth quarter,” he said.
“There’s tremendous pent up demand. … I feel it. I think sometimes what I feel is better than what I think, unfortunately, or fortunately felt. But I tell you what, I feel it and I will say that I think next year is going to be a spectacular year in terms of growth, in terms of bringing our country back. I think we’re going to have a really good year.”
He added: “We want to be where we were and I think we can actually surpass where we were and we were the strongest anywhere in the world.”
Ideally, yes, though it’ll require pushing back firmly against the Democrat Party, which has sought to exploit the coronavirus pandemic to push radical policies that would exasperate the ongoing crisis by decimating the fundamentals of this economy.
Thanks to Democrats, for instance, a number of Americans are now earning more money being unemployed than they earned while on the job. The good news is that the Democrat-crafted policy that engendered this debacle will expire at the end of July. The bad news is that Democrats are seeking to extend it — perhaps indefinitely.
And this despite warnings from economic experts:
Joint statement by conservatives Stephen Moore, Art Laffer, Steve Forbes: “Don’t expand welfare and other income redistribution benefits like paid leave and unemployment benefits that will inhibit growth and discourage work”
— Jeffrey Stein (@JStein_WaPo) March 17, 2020
Continuing his remarks at Saturday’s shareholder meeting, Buffett admitted one fact that some have sought to deny: That the current crisis is self-inflicted.
“In 2008 and 2009 our economic train went off the tracks, and there were some reasons why the roadbed was weak in terms of the banks,” he said. “This time we just pulled the train off the tracks and put it on a siding.”
“And I don’t really know of any parallel — in terms of a very, very well the most important country in the world, most productive, huge population — in effect sidelining its economy and its workforce.”
It’s an unprecedented move that’s been facing increased scrutiny from a growing number of critics who argue that America should have never pursued a lockdown policy; it should have followed the successful path of Sweden instead.
“If this government-ordered shutdown continues for much more than another week or two, the human cost of job losses and bankruptcies will exceed what most Americans imagine,” The Wall Street Journal’s editorial board warned as early as March.
“This won’t be popular to read in some quarters, but federal and state officials need to start adjusting their anti-virus strategy now to avoid an economic recession that will dwarf the harm from 2008-2009.”
Two months later, the lockdowns still remain active in many localities.
“[T]he costs of this national shutdown are growing by the hour, and we don’t mean federal spending,” the piece continued. “We mean a tsunami of economic destruction that will cause tens of millions to lose their jobs as commerce and production simply cease. Many large companies can withstand a few weeks without revenue but that isn’t true of millions of small and mid-sized firms.”
As of early May, an estimated 30 million Americans had filed unemployment claims.
Nevertheless, despite all this easily observable misery and chaos that’s been produced by the nation’s ongoing lockdowns, Buffett remained adamant Saturday that there would eventually be a recovery:
Warren Buffett closed out today’s livestream with one message:
“Never bet against America”
— Pomp 🌪 (@APompliano) May 3, 2020
Will it be as “spectacular” as the president has predicted, though? That remains to be seen.
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Vivek@bizpacreview.com
V. Saxena is a staff writer for BizPac Review with a decade of experience as a professional writer, and a lifetime of experience as an avid news junkie. He holds a degree in computer technology from Purdue University.
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