Europe Burns, Buffet Comments on U.S.

While Europe burns today after the defeat of the "austerity" governance, Warren Buffett commented on the bad jobs reports last week. He states the obvious: no construction, no jobs. He says he is not surprised there were no more jobs created without a more meaningful pickup in residential construction.

"When we see a million residential units constructed annually," (CNBC's Squawk Box), "only then will we see more decent numbers on jobs growth."  

He says GDP growth of 4 to 5% "would be unsustainable in the long term," He believes that a 2.2% GDP print is not as abysmal is is being made currently. 

"If you have a 2.2% growth in annual GDP and have a 1% growth in population, that would be 1.2% increase in real per-capita growth."  

That, according to him is equivalent  a generational growth of ~20%. "That means that every succeeding generation has a 20% better standard of living than the preceeding one,"

"If we were guaranteed 2.2% for the next 100 years, that would be Nirvana!"  

Is the population growth only 1%?