Warren Buffett is bullish on America.
For regular readers of his letters and those that follow his commentary in public, this is not a new position for the Oracle of Omaha.
But in his 2015 letter to shareholders, Buffett declares today’s new American citizens the luckiest in our country’s history.
“It’s an election year, and candidates can’t stop speaking about our country’s problems (which, of course, only they can solve),” Buffett writes. “As a result of this negative drumbeat, many Americans now believe that their children will not live as well as they themselves do.
“That view is dead wrong: The babies being born in America today are the luckiest crop in history.”
American GDP per capita is now about $56,000. As I mentioned last year that — in real terms — is a staggering six times the amount in 1930, the year I was born, a leap far beyond the wildest dreams of my parents or their contemporaries. U.S. citizens are not intrinsically more intelligent today, nor do they work harder than did Americans in 1930. Rather, they work far more efficiently and thereby produce far more. This all-powerful trend is certain to continue: America’s economic magic remains alive and well.
In the past, Buffett has noted that if you took his lifetime and stretched it back twice, you’d be in pre-revolution America.
And in Buffett’s view, this is not a reflection on how old he is — though he is 84! — but that the progress America has made in the past is truly astounding and not something to be dismissed by any commentators, no matter their priors.
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