During Berkshire Hathaway’s annual shareholder meeting on Saturday, Warren Buffett expressed concern about the United States’ “unsustainable” level of debt but acknowledged the difficulty of addressing it. He criticized the ongoing struggle to manage government revenue and spending, noting that the issue is never fully resolved. Buffett warned that the U.S. is operating at a fiscal deficit that cannot be maintained long-term and mentioned how former Federal Reserve Chair Paul Volcker had previously prevented such a scenario, though it has come close multiple times.
When asked about the DOGE initiative, Buffett refrained from commenting on its politics but stated that reducing the deficit would be a challenging yet necessary task. He remarked that bureaucracy is difficult to control and that he wouldn’t want to be the one to address the significant gap between revenue and expenses. “It’s a job I don’t want, but it’s a job that should be done,” Buffett added, criticizing Congress for its inability to tackle the issue effectively. His remarks were met with applause from the audience.
Buffett also shocked attendees by announcing that he would step down as CEO of Berkshire Hathaway at the end of the year, recommending that Greg Abel, the current vice chair, succeed him. In previous statements, Buffett has warned about the dangers of the deficit, emphasizing its importance, while also praising Federal Reserve Chair Jerome Powell. However, he noted that Powell does not have control over fiscal policy, a distinction that has been at the heart of Trump’s recent conflict with the Federal Reserve.
