“… Americans will live better ten or twenty years from now than they do today. Per-capita wealth will increase. But our citizens will also be forced every year to ship a significant portion of their current production abroad merely to service the cost of our huge debtor position. It won’t be pleasant to work part of each day to pay for the over-consumption of your ancestors. I believe that at some point in the future U.S. workers and voters will find this annual ‘tribute’ so onerous that there will be a severe political backlash. How that will play out in markets is impossible to predict—but to expect a ‘soft landing’ seems like wishful thinking.”

in Economics, Warren E. Buffett, Writers

-Warren E. Buffett, 2006 Chairman’s Letter to the Shareholders of Berkshire Hathaway, Inc.

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