Of course Warren is going to say this, he’d be silly not to! A clever man like Warren Buffet knows the impact of his words and the truth about the US Economy is that it is going to see some tough times in the years to come. The US needs to redefine itself to give Americans the future they all want.
Just like Europe, the US is going to need to do all of or some of the following:
- accept a bigger role in production and manufacturing (the weakening dollar is making this increasingly easy), which would involve more of the population being concentrated at the bottom of the wage spectrum
- push more people into traditional technologies, Web/Consumer Electronics/Engineering etc…, which they are not doing a bad job of, but face increasing competition
- find new areas of expertise, where they can make the market theirs (nano/green tech etc…)
All of these options, will require hard work and determination from the people and positive sentiment will go a long way in helping this! Who knows what could happen if people stop believing in the American dream… Bankers, Politicians and perhaps anyone with enough cash in the bank might find themselves in increasingly troubled times!
P.S. I don’t believe Mr Buffet has any need to say such things for his own profit… I genuinely think he wants people to believe in themselves!