Buffett dismisses election-year gloom

OMAHA, Neb. — The United States’ economy is in better shape than the presidential candidates make it seem, investor Warren Buffett said Saturday, even though businesses like his still face challenges.

In his annual letter to Berkshire Hathaway shareholders, Buffett didn’t name specific candidates or issues, but noted that the negative drumbeat about the economy, the health care overhaul and income inequality may get voters down about the future.

“It’s an election year, and candidates can’t stop speaking about our country’s problems, which, of course, only they can solve,” he said, adding later, “that view is dead wrong: The babies being born in America today are the luckiest crop in history.”

Buffett noted that there will still be economic troubles as business evolves, but that the country needs to make sure it has a solid safety net to help people who lose jobs.

Buffett pointed out that change also creates challenges for Berkshire’s businesses. For instance, he said, its BNSF railroad is certain to haul less coal in the future and Geico insurance could be hurt by driverless cars.

He assured shareholders that Berkshire’s businesses will adapt, just as the company did when its original Berkshire Hathaway textile operation failed.