Warren Buffett: bearish on America

Warren Buffett sees plenty to be bearish about in America long term – but there's cheer to be had in housing.

There's plenty of bearishness about America's economic prospects, says Warren Buffett. Pessimists should take a longer-term view. While the US economy is growing more slowly than it did before the global financial crisis, "even 2% growth in one generation will produce $19,000 more per capita, not per household of real GDP It doesn't match our best years, but it's pretty damn good," he tells Politico.com.

More importantly, innovation and productivity, the two factors that underpin future growth, remain robust. "If you go back 100 years the farms around where I live here were producing 30 bushels of corn per acre. Now they're producing 160 bushels of corn per acre."

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