Is Buffett's warning of grave consequences ahead?

<During the decade ending in 2021, the United States Treasury received about $32.3 trillion
in taxes while it spent $43.9 trillion.

Though economists, politicians and many of the public have opinions about the
consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that
near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire's
operations and finances in a manner that will achieve an acceptable result over time and that will
preserve the company's unmatched staying power when financial panics or severe worldwide
recessions occur. Berkshire also offers some modest protection from runaway inflation, but this
attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.>

Berkshire Hathaway: PDF document