And that's a hard thing to write. But he's wrong. From Bloomberg:
Billionaire Warren Buffett said he is wagering on continued economic expansion and doesn’t expect a second recession.
“I would bet very heavily against that,” Buffett told Bloomberg Television’s Betty Liu on the “In the Loop” program today after data showed slowing U.S. job growth. “How fast the recovery will come, I don’t know. I see nothing that indicates any kind of a double dip.”
The unemployment rate unexpectedly climbed to 9.2 percent in June, the highest level this year, and hiring by companies was the weakest since May 2010, Labor Department data showed. U.S. employers added 18,000 jobs last month, less than the 105,000 median estimate in a Bloomberg News survey.
Even genius billionaires can be wrong. Where's this growth "around the world?" Where's this growth at home? As Mollie notes below, the job report today is miserable. Unemployment actually increased to 9.2%.
And as usual, there's the familiar media trope about how all of this was unexpected, from the WSJ:
Nonfarm payrolls rose 18,000 last month, far fewer than expected, as small gains in the private sector were just enough to outweigh continued government-job losses....
Ever since Obama took the oath of office, we've been in a "recovery." A recovery with rising unemployment and stagnant growth, but somehow, someway, it's always been called a "recovery." A "sputtering" recovery. An "anemic recovery." A "slow" recovery.
That's like saying the Great Depression was a Great Recovery. Or a Drifting Recovery, Energized by World War.
Maybe the reason all of these bad economic numbers are so "surprising" and "unexpected" is because people keep insisting, in a fog of self-delusion, that is a recovery.
It's not. Warren Buffett is wrong. It's the start of a double-dip recession.
Now, everyone in the media, go back and look at the numbers with that in mind.
Not so unexpected now, are they?