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November 20, 2007


On Treadmills and Spaceships

CNBC’s typo-strewn transcript from Warren Buffett’s Statement to Congress on Estate Taxes. Do people not read anymore? Do they just watch video clips?

“[Since 1987], the average American went exactly nowhere on the economic front. His income went from a median $26,061 to $48,201, almost exactly the increase of the CPI during the 20 years. He’s been on a treadmill while the super rich have been on a spaceship.”

Hang on, Warren. What do the median income numbers look like from 1977, 1967, and 1957? Hasn’t median income been stagnant for closer to 40 years?

This entry was posted on Tuesday, November 20th, 2007 at 3:04 pm (utc+8) and is filed under Trading and Investing.

3 Responses to “On Treadmills and Spaceships”

  1. moom said:
    November 20th, 2007 at 4:25 pm

    Maybe from 1977 but not from 1957 or 67.

  2. C. Maoxian said:
    November 20th, 2007 at 5:18 pm

    moom: I need to see hard numbers.

  3. Steve Austin said:
    November 20th, 2007 at 10:32 pm

    The treadmill has a reverse gear if one uses pre-Clintonian CPI measures.

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