Buffett says politicians 'dead wrong' with negative US outlook

Warren Buffett enjoying an ice cream bar prior to the Berkshire Hathaway annual meeting in Omaha, Nebraska.
Warren Buffett enjoying an ice cream bar prior to the Berkshire Hathaway annual meeting in Omaha, Nebraska.PHOTO: REUTERS

(BLOOMBERG) - Billionaire investor Warren Buffett made another pitch for why Americans should be optimistic about their nation's future, even as politicians focus on what is wrong with society as they vie for office.

"It's an election year, and candidates can't stop speaking about our country's problems (which, of course, only they can solve)," Buffett wrote in a letter to shareholders of his Berkshire Hathaway Inc. posted online Saturday (Feb 27).

"As a result of this negative drumbeat, many Americans now believe that their children will not live as well as they themselves do. That view is dead wrong: The babies being born in America today are the luckiest crop in history."

Buffett, long an optimist about the country where he made his fortune, dedicated a larger portion of his letter this year to discussing the prospects of business in the world's largest economy and defending the progress that capitalism has brought citizens.

A supporter of Democrat Hillary Clinton, he also included a passage about the importance of a social safety net to help those who are left behind amid the change.

"For 240 years it's been a terrible mistake to bet against America, and now is no time to start," Buffett added.

"America's golden goose of commerce and innovation will continue to lay more and larger eggs."