Morale Boost? Buffett's TRULY Voodoo Economics

There is something deeply disconcerting about Warren Buffett's inane theory that tax hikes on the rich will boost "the morale of the middle class."   This statement is completely devoid of any economic or financial logic, it has no basis in anything but pure emotion and populist sentiment.  It's sad to see such a reputable figure - reputable by virtue of his espousal over decades of deeply rational economic and financial wisdom - put forth such nonsense; and, it is frightening to see Buffett draw upon his well of credibility to advance a notion without an ounce of merit.  Notice what Buffett didn't say.  He didn't say it would be good for the economy, he didn't say it would be a fiscally productive policy.  He said it will make people feel good, and feel good because others' expense.  Truly dreadful.  Old age has done a number on Warren's faculties.  Such a shame.

My taxes are going up, that is for sure.  But do you think I am going to smile through it all and enjoy parting with dollars that were wasted long ago? Higher taxes tomorrow given the last several years explosion of government is like having to pay your child's drug dealer long after the fatal overdose.  I'm going to make sure the shit rolls downhill.  I've already told some of my key merchants and suppliers that I'm ratcheting back, so don't expect much business from me.  But according to Warren Buffett, when I send an extra $20,000 to Washington DC - money that was going to be revenue for my landscaper or my stone mason or my wine merchant - these middle class guys are going to feel better?