As Fortune observes, Warren Buffett is one of the Left’s favorite billionaires, but he occasionally says things they don’t want to hear. At such times, liberals politely ignore him and wait for him to say something useful to their cause, at which point the fulsome praise resumes.
They prefer not to dwell on such hypocrisies as the energy Buffett devotes to lawfully avoiding the high taxes he philosophically supports, which is no surprise, because hypocrisy is the grease that keeps the gears of socialism turning. Aristocratic privilege is the enticement leftists have always offered to useful industrialists.
The Left isn’t going to like what Buffett had to say about the minimum wage in the Wall Street Journal last week. After reviewing the numbers for income inequality (growing, especially during the Obama years, although Buffett tactfully avoids pointing that out) and poverty (static, despite trillions of dollars spent in the War on Poverty), he blows a hole through liberal class-war boilerplate about the rich somehow getting richer off the backs of the poor:
No conspiracy lies behind this depressing fact: The poor are most definitely not poor because the rich are rich. Nor are the rich undeserving. Most of them have contributed brilliant innovations or managerial expertise to America’s well-being. We all live far better because of Henry Ford, Steve Jobs, Sam Walton and the like.
Buffett explains at length that specialization is both the source of our incredible national wealth, and the difficulty some people – and, more disturbingly, some families - encounter when trying to access it. In a pre-industrial age when most of the population could perform most of the available jobs, and failure to perform generally resulted in starvation, there wasn’t much “income inequality” until the wealthiest aristocrats and hereditary royalty were considered. Sociologists regard the evolution of an independent middle class as an important achievement, but it inevitably creates a larger, more distinct underclass as well. “Poverty” was not as compelling a subject when just about everyone was equally poor… and commoners had few opportunities to significantly improve their station.
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