Maybe he’s voting for capitalism, but will Warren Buffett end up funding Democratic Socialism? CNN’s Poppy Harlow sat down with the billionaire investor and political donor for her Boss Files podcast and asked about the Democratic Party’s sudden and surprising infatuation with socialism. Buffett scoffs at the notion, saying socialists in the US haven’t had to live under such a system, and that he’s going to vote for capitalism instead.
But will Buffett put his money where his mouth is?
— CNN (@CNN) September 4, 2018
Actually, if enough Democrats win in November Buffett might start funding “Democratic Socialism” no matter what he does in the next two months. Most of the proposals on the Bernie/Alexandria Ocasio-Cortez agenda start with soak-the-rich tax rates, which would certainly hit Buffett first or very close to it. When that doesn’t raise nearly enough money for socialist agenda items, the rest of won’t be very far behind, but that’s another story.
For a defender of capitalism, though, Buffett seems not to trust it much when it comes to health care. Harlow asked Buffett about his previous support for single-payer health care, and Buffett didn’t exactly disavow it:
Harlow also asked Buffett if he still thinks a single-payer system is the way to go for the country as a whole.
“It may be the answer,” he said. “I would like to see obviously the private sector arrive at something that gets the cost-benefits of that, and eliminates some of the downsides of it.”
Ultimately, he added, it’s an issue for voters to decide.
True enough, but Buffett’s been influencing those voters with his political spending, much of it in favor of Democrats and progressive causes.
It’s one thing to talk about support for and confidence in the “market system,” as Buffett calls capitalism. It’s apparently another to actually defend it when it counts.