Anodyne
Saturday, May 07, 2005
 
Matt Stichnoth gets the goods on the Berkshire Hathaway 2005 Annual Meeting

"WARREN BUFFETT: Social Security was introduced in 1936-37. It was proposed as an insurance program as a way to get it passed. Transfer payments didn’t fly then. But Social Security is a transfer of wealth from productive people to non-productive people. I believe that anything that reduces Social Security payments below their current levels is a mistake.

Not everyone is wired the same way. Someone with an 85 IQ won’t do as well as someone who’s a genius. The Social Security system provides a minimum level of benefit to everyone, as long as they’ve worked.

There are a lot of ways to save, such as 401ks and IRAs. The way I’m wired, I wouldn’t have done as well if I’d been born in Bangladesh. People who’ve done well have an obligation to help those who haven’t. One thing to do would be to raise the payroll tax cap from $90,000. I wouldn’t want to do anything that might hurt the bottom 20%-30%. I don’t understand why the administration worries about the size of the deficit on 25 years when it doesn’t seem to care much about the size of the deficit now."

- posted by cjb @ 9:28 PM


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