Yea, but what does the world's richest person and most successful investor know about the economy? He supports Democrats so obviously he's a communist and is against our glorious leader. Clearly we need more tax cuts and less regulation as McCain says.
Last Wednesday, the Commerce Department said the economy grew at a 0.6 percent annual rate in the first quarter. But Buffett said the nation's population also grew, making the real growth rate lower. He also said that, even if the data do not show the economy retracting, people feel as though it is.
"The U.S. is in recession as I define it," Buffett said. "I would define that as a situation where people are doing less well than they were three months, six months or eight months earlier and most businesses find themselves in that position too.
"If were are in a non-recession, I don't think people want to see it going in the same direction as it is and saying it's wonderful."
