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Watch: Warren Buffett Says This Is What America’s Real Problem Is

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Watch: Warren Buffett Says This Is What America’s Real Problem Is

What is the biggest problem America is facing right now according to Warren Buffett? Rich people having too much money. The CEO of investing house Berkshire Hathaway told PBS Newshour Monday, “The economy is doing well, but all Americans aren’t doing well.” The 86 year old business man is currently worth $75.6 million net worth. He attributes the major problems with the current US economy to the top 1% of the population.
To put it into perspective, the richest percent of Americans have increased their share of income by 20% since the 1980s. In comparison, the bottom 50% have seen a decline from 20 to 12%. Buffett also mentions that in the 1980s, when Forbes first put out their 400 List, the people were making $93 billion as opposed to the nearly $2.4 trillion they are raking in now. This major inequality can be related to the age old saying that, “the rich are getting richer, and the poor are getting poorer.”
“We actually export 12 or 13 percent of our GDP,” he said. “It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn’t benefit the steelworker maybe in Ohio. And that’s the problem that has to be addressed because when you have something that’s good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.” So Americans are doing well on paper, but not everyone is doing so well.
President Trump has been quick to claim his responsibility in present days for the increase of the economy, especially for job growth and the middle class, but Buffett warns him to not get too cocky just yet. Buffett explains that the economy has been increasing since 2009, not since January. “If I ever get elected president, I will never claim credit for anything the market does, because I don’t want to be blamed when it goes the other direction,” he said.
In conclusion, Buffett urges American’s to stand for more than wealth.
Watch his full interview with PBS here: Warren Buffett PBS Interview

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