OMAHA, Neb. — Billionaire Warren Buffett has already said he thinks the U.S. economy is in a recession, and now he says the economy is getting worse. Buffett told CNBC in a live interview Wednesday that data he sees from his Berkshire Hathaway subsidiaries shows the economy weakening.
“Everything connected with construction and with consumer, I see weakness, and if anything, it’s accentuating a little bit.”
The so-called “Oracle of Omaha” also said he thinks inflation is picking up, especially in steel and oil, so it should be a concern for the Federal Reserve. He added that supply and demand, not market speculation, is what’s driving oil prices.
Asked about politics, Buffett said he doesn’t think Democrat Barack Obama or Republican John McCain will have trouble raising money in the presidential race. Buffett backed both Obama and Hillary Rodham Clinton throughout the primaries, but with Clinton out, he has been supporting Obama.
“I think Barack is going to have plenty of money,” he said. The Associated Press
