Buffett frets over debt

Warren Buffett is becoming concerned that the national debt may present a crisis much greater than the one roiling the credit markets. In a forum with other economic experts, he expressed doubt the U.S. could handle the $53 trillion it has committed to spend.

According to Reuters, the group said that "the United States has become too dependent on foreign investors to buy its goods and its publicly-issued debt." Most of America's debt commitments are for Social Security and Medicare.

Buffett may be wrong. It may just be the recession talking. The government's ability to pay its own debt is dependent, to some extent, on the size and taxability of the nation's personal and industrial earnings base. During a slow economy, that pool drops.

One of the most obvious solutions to the problem is to get large companies to pay more taxes. Many move money overseas to nations with lower tax bases. Legislation should be passed to stop that.

As the economy moves back to growth, tax revenue will increase on its own and Buffett may be able to sleep better at night.

Douglas A. McIntyre is an editor at 247wallst.com.