Buffett tells the truth about how many of the wealthiest Americans pay lower taxes than those further down on the socioeconomic ladder. Contrast this with Schiff’s moronic claims that, for example, if taxes go up on high income earners he’ll move his business out of the country. First, he was working in the industry during the Clinton years, so apparently higher taxes then weren’t enough to send him overseas, and second, if he goes, it’s a huge bonus for everyone with a brain and/or heart. Buffett’s op-ed can be read here: www.nytimes.com
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For the latest Peter Schiff, go to PeterSchiffBlog.com – Why does Warren Buffett support all of the spending by the federal government? Buffett apparently thinks that going deeper into debt is a good way to get out of debt. He’s right when he says that there is a lot of inflation in our future. But then he supports the policies that bring about that very inflation. The time to put on the brakes is long past. We are unfortunately going to have to take the pain. The inflation is a big deal right here, right now. By the time Obama runs for reelection in 2012, the price of oil will most likely be above 0. There isn’t any inflation showing up in producer prices, but that is like looking in the rear view mirror. The money supply has increased, and that money will show up in the economy. Our economy is being debased, and Warren Buffett is applauding the government for doing it. There is much hope to have by allowing a free market economy. The American people have lost a war, but we can still rebuild.