Buffett: So-called fiscal cliff won't trigger recession

Berkshire Hathaway CEO Warren Buffett (L) greets a trader on the floor of the New York Stock Exchange on Sept. 30, 2011, after his firm rang the exchange's opening bell. / Mario Tama/Getty Images

OMAHA, Neb. Investor Warren Buffett says there won't be a recession if Congress can't resolve the so-called fiscal cliff before the automatic tax increases and spending cuts take effect in January.

Buffett told CNN on Wednesday that the U.S. economy is very resilient, and it won't collapse if lawmakers and President Barack Obama can't immediately agree on a plan.

The billionaire's view differs with economists who have predicted a recession is likely if the fiscal cliff isn't addressed.

Buffett told CNN "We are not going to permanently cripple ourselves just because 535 people can't get along."

Buffett also says he believes the economy would be fine even if income and capital gains taxes were significantly higher than they are now.

[aghast101]

Buffett's right it won't effect him.

[jjmcquad]

Hey i live in USA since around 8 Years. I think Warren Buffet is complete right what he is saying about the US economy. In around 5 Years is will no more give Europe because this go down, but everybody needs to help that the USA go continue please looked this

How to solve the burning problems ? - Start from here: http://youtu.be/l2xmLwrb6Wk

[TommyBlueJ]

Seems not everyone agrees.

On Monday, Hostess Brands announced it is closing three bakeries and laying off 627 employees. The company joins Boeing Company, Groupon Inc, Applebee's international, Papa John's and Murray Energy, which have all announced layoffs or other job cuts since the election.

[maiingan]

Oh, sure, "the U.S. economy is very resilient." All it has to do is dump even more involuntarily unemployed and underemployed Americans over their own individual "fiscal cliffs," and write us all of like bad investments, even if many of us have college degrees in very useful subjects. Individual people no longer matter, except for the rich and powerful.

[sjc_1]

He is right.

[lordanson]

Warren, it's getting about time for you to check into some ice cube futures. Don't you think?

[AreYouSureaboutthat]

Having the rich pay as much as people making as most average middle class is What Buffett said. Romney pays 13-14% and Buffett pays close to the same. Buffett is a Billionaire and does not think that is a fair system. He is absolutely right.

The richest people in the nation are getting even richer because they have friends in high places, and those friend in congress know it is better to treat the guy who gives you 10 million dollars for your campaign better than the person who gives you 250 dollars.

Throw in other taxes than federal and the disparity gets even worse.

[m7856j]

I agree once we all start paying our fair taxes the debt can go down some i will never understand why when a war was on going the taxes were reduced in the first place rather than wage and price controls and like WW2 every one was not trying to get Americans to buy treasury bonds to fininance this war that we we all share the hardships not just the poor souls who are doing our fighting for us think about it