Thursday, September 29, 2016

Bad news always gets more attention

It's easy to focus on the doom and gloom reported in our 24/7 news world. Simply put, bad news always gets more attention!

The focus on bad news seems even worse in an election year when candidates can't stop speaking about the country's problems. Of course this is followed closely by all the reasons the candidate is the man/woman for the job!

According to Warren Buffett in his annual shareholder letter released this spring, it is because of this constant negative drumbeat that many Americans now believe 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," said Buffett.

He goes on to claim that the American GDP (Gross Domestic Product) per capita is a staggering six times the amount it was in 1930.Moreover, Buffett doesn't believe that Americans are smarter or work harder now than they did then. They just work more efficiently, allowing for more production. 

"This all-powerful trend is certain to continue: America's economic magic remains alive and well. For 240 years, it’s been a terrible mistake to bet against America, and now is no time to start. America’s golden goose of commerce and innovation will continue to lay more and larger eggs. America’s social security promises will be honored and perhaps made more generous. And, yes, America’s kids will live far better than their parents did," said Buffett. 

"Every pessimist who ever lived has been buried in an unmarked grave. Tomorrow has always been better than today, and it always will be."
- Paul Harvey