I am a PhD economist. When someone wants to diss me, they can easily say, "If you're so smart, why aren't you rich?"
Because I am not rich. I am barely making it to the end of the month. This month, in fact, seems to get longer each day.
Warren Buffett is worth $37 billion (he was worth $63 billion last year).
Buffett was an Obama supporter. He referred to Obama's Incarnation with the words, "You couldn't have anybody better in charge."
After seven months of spending, Buffet realizes that the deficit has exploded and that the administration only wants more spending. In a recent New York Times editorial, Buffet said, "Fiscally, we are in uncharted territory.”
He warns against more spending, though the administration clearly wants more. (That is what the current controversy is about).
Warren, how could you support the candidate that promised that government fix our mortgages, fix our banks, fix our companies, give us health care, give us a carbon-free planet*, and give us a free college education? Warren, how could you support him if you do not like mountains of government debt? Did you think he could spend straw into gold?"
Look at every single aspect of Obama's background and resume. Is there one single item that says that he thinks government should be bounded by law or by economic reality? How many items indicate that he knows of no bounds for government? (Yes, we can!)
So to Warren Buffett, I say, "If you're so rich, why aren't you smart?"
*Yes, I know a carbon-free planet would be lifeless. I am giving a shout out to some friends who have told me that they hope mankind hurries and kills itself off, so that the planet can live in peace. I am doing them one better.