Getting your player ready...
Now that the worst of the economic crisis appears past and recovery is slowly underway, Congress must halt the mounting increase in U.S. debt to avoid damage to long-term growth and destruction of the dollar, Warren Buffett is urging.
The billionaire shared his view in a Wednesday op-ed piece in The New York Times, saying that once recovery is solidified, lawmakers need to exercise “extraordinary political will” and slow the printing of money to finance the spike in debt.
The huge spending for the financial bailout and economic stimulus was sorely needed to rescue the economy, Buffett said, but now “unchecked emissions” of dollars “will certainly cause the purchasing power of currency to melt.”
