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Buffett Sees Massive Inflation to Handle Staggering Debt

Monday, May 4, 2009 2:34 PM
By: Dan Weil

Original Link with video:

The explosive rise of the U.S. budget deficit and debt burden will lead to serious inflation down the road, says billionaire and Obama supporter Warren Buffett.

The Congressional Budget Office predicts that government debt will peak around 54 percent of GDP in 2011.

But Buffett told CNBC Monday morning that the ratio could surpass 80 percent — unless there are significant spending cuts or tax increases.

After a testy exchange with Sen. Judd Gregg, who suggested that President Obama’s plans to hike federal spending would only increase the nation’s staggering national debt, Buffett relented by stating that, in the end, the U.S. government simply will do what every other government has done in such circumstances.

“A count

Added: May-4-2009 Occurred On: May-3-2009
By: copperdog2
Tags: Obama, economy, inflation, Buffett, deficit, budget, U.S., debt
Views: 8226 | Comments: 7 | Votes: 1 | Favorites: 1 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • We're going to end up paying this debt off at .10 on the dollar and we'll all be impoverished because of it.
    I wish I had dual citizenship.

    Posted May-4-2009 By 

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  • He also said the government was doing the right things, the best they can given the fluid situation.

    The economy is what it is. It sucks. It will continue to suck for some time. Nothing can make it much better but it could have become, and still might become, very much worse.

    For the last ten years and more we as a nation have spent like crazy monkeys. Bought lots of fun stuff. Didn't invest much in boring old schools or road repairs or sewers. Cut taxes again and again to make because i More..

    Posted May-4-2009 By 

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  • Nah...
    Buffet is doing what any filthy-rich dirtbag would do and attempting to create another panic in order to protect his wealth.

    Can't blame him.
    What would YOU do if you were faced with taxes on a massive scale, Security and Exchange Commission inquiries into your "Investment Firm", and criminal investigations into your business practices??

    Bet your ASS I'd be sayin'...
    Buhh..Buhhh Buhh......T'ain't ME mah niggah!!!
    I's be per-sem-a-cuted!!!
    Y'all got the RoNG brudduh!!

    Posted May-5-2009 By 

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