Warren Buffett's recent op-ed in the New York Times is making a stir because it calls for a minimum tax on high incomes above $One million annually. But I was much more interested in some deficit targeting he proposes which exposes his ignorance about the sectoral financial balances model of macro-economics, and reveals him as a deficit hawk whose advice, if followed would be unsustainable and lead the United States into another deep recession. I'll comment on a couple of paragraphs in Buffett's op-ed. Read more about More Austerity Advice From the Very Rich: Buffett On Deficits!
I turned to page A2, and there was a classically cynical Dana Milbank column, trashing a Democratic member's press conference on health care and talking about Democrats trying, "to pick up the pieces of the shattered health care bill."
At the Washington Post Co., two directors are on the board of insurance conglomerate Berkshire-Hathaway, whose subsidiary General Re sells health reinsurance. In fact, Washington Post director Warren Buffet not only chairs Berkshire-Hathaway’s board, he is the company’s CEO.