Of course, it was inevitable. As soon as Warren Buffett came out and publically said that the super-rich, like himself, should be taxed more, knee-jerk, reactionary right wingers were going to throw the “S” word at him.
It is a laughable notion – one of the most successful traders in history wants to march America towards communism. His critics seem to be completely thrown by the fact that Buffett, gasp, has a conscience.
Right-wing political correctness has taken the word socialist and turned it as a club to beat anyone who believes in progressive taxation, public goods or any regulation of externalities.
Don’t count on a soft landing for the country’s deficit-addicted economy, Buffett reiterated Tuesday. The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to “political turmoil”, the decorated investor warned. Buffett’s bearishness is understandable: Fixing the trade deficit–which soared to a record $665.9 billion in 2004, and is expected to top $700 billion this year–is becoming rather like turning around an ocean liner by dipping a teaspoon in the water.
Now that Uber Investor Buffett has become a bigger critic of the current GOP plan to starve the beast I’m half expecting FOX news to start calling him a socialist in the way they’ve called George Soros a socialist.