US economy is moving in the right direction – Warren Buffet

Eurasia News

US billionaire Warren Buffet said the US economy is moving in the right direction and praised the policies of both President George W. Bush and Barack Obama as “the right things,” in an interview that aired Sunday.

US stocks soared to new closing records Friday after a strong US jobs report, which had unemployment fall to 7.5 percent, revived confidence in the economic recovery.

The 82-year-old investor, who is known as the “Sage of Omaha,” said he was optimistic stock prices would continue to rise.

“They don’t look overpriced. They certainly look more attractive than fixed-income investments to me,” he said in the interview that aired on ABC’s “This Week” talk show.

A US Labor Department report on Friday showed the US economy added 165,000 jobs in April, well above market expectations, and also revised upward estimates from the previous two months.

The gains came even as taxes rose and government spending tightened under the sharp “sequester” cuts, which still threaten to hold economic growth back this year.