Typically, when Warren Buffet’s pronouncements buttress left-leaning policies, Democrats and their cheerleaders in the MSM are quick to disseminate the wisdom far and wide. When Buffett expressed support for a minimum tax on the wealthy, President Obama called it the Buffett Rule and talked it up at every opportunity. But now that the Oracle of Omaha is sounding warnings about public pensions? Crickets. The reasons for the silence aren’t that hard to fathom. They have to do with what we’ve called the Blue Civil War:
Local and state financial problems are accelerating, in large part because public entities promised pensions they couldn’t afford. Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made that conflicted with a willingness to fund them. Unfortunately, pension mathematics today remain a mystery to most Americans. […]During the next decade, you will read a lot of news—bad news—about public pension plans.
It doesn’t speak highly of state-sponsored defined-benefit plans, or the officials and politicians responsible for funding them, that Buffett refers to them as a “gigantic financial tapeworm.” Funny how the enthusiasm for quoting the planet’s fourth-richest man vanishes once he starts predicting nation-wide debacles wrought by blue pols and their partners in the unions and Wall Street.