Make America great again? Billionaire investor Warren Buffett says it still is and will remain awesome.

In his annual letter to Berkshire Hathaway BRK.A, +0.36% BRK.B, +0.07% shareholders, the billionaire investor laments doomsaying politicians and also takes aim at fears about chronically slow economic growth.

See: Buffett’s wit and wisdom on display in investor letter.

Buffett, a supporter of Democratic presidential candidate Hillary Clinton, doesn’t name names, but he notes that candidates “can’t stop speaking about our country’s problems.”

This, he says, has given many Americans the incorrect impression that their children won’t live as well as they themselves do.

“That view is dead wrong: The babies being born in America today are the luckiest crop in history,” Buffett wrote, arguing that the “all-powerful trend” that saw U.S. per capita GDP increase by around six times since 1930 “remains alive and well.”

In particular, he takes aim at worries over the current annual pace of U.S. growth of around 2%. Buffett argues that while “we would all like to see a higher rate,” such a pace would still deliver “astounding gains” over time:

America’s population is growing about .8% per year (. 5% from births minus deaths and .3% from net migration). Thus 2% of overall growth produces about 1.2% of per capita growth. That may not sound impressive. But in a single generation of, say, 25 years, that rate of growth leads to a gain of 34.4% in real GDP per capita. (Compounding’s effects produce the excess over the percentage that would result by simply multiplying 25 x 1.2%.) In turn, that 34.4% gain will produce a staggering $19,000 increase in real GDP per capita for the next generation. Were that to be distributed equally, the gain would be $76,000 annually for a family of four. Today’s politicians need not shed tears for tomorrow’s children. Indeed, most of today’s children are doing well. All families in my upper middle-class neighborhood regularly enjoy a living standard better than that achieved by John D. Rockefeller Sr. at the time of my birth. His unparalleled fortune couldn’t buy what we now take for granted, whether the field is—to name just a few—transportation, entertainment, communication or medical services. Rockefeller certainly had power and fame; he could not, however, live as well as my neighbors now do.

Buffett, of course, has long centered his investment thesis on the idea that it never pays to bet against the U.S. economy in the long run. And much of his argument in the letter centers on the idea that innovation will make the lives of everyone better in the future.

In that, he relies in part on the oft-argued notion that the average American is better off today than the likes of Gilded Age titans like John D. Rockefeller because they have access to better medicine and a host of affordable technological innovations.

But critics say that argument isn’t terribly reassuring. As Ritholttz Wealth Management Chairman Barry Ritholtz wrote in a recent Bloomberg View column: “Comparing folks of different economic strata across the ages ignores a simple fact: Wealth is relative to peers, both in time and geography.”

And Buffett’s take isn’t entirely rosy. In an extended discussion of decades worth of increased productivity and its crucial contribution to increased standards of living, Buffett notes that gains “achieved in recent years have largely benefitted the wealthy,” and that such gains can also cause upheaval for both capital and labor.

While it’s up to capitalists to “take care of themselves,” workers face a different equation, he said.

“The solution, rather, is a variety of safety nets aimed at providing a decent life for those who are willing to work but find their specific talents judged of small value because of market forces. (I personally favor a reformed and expanded Earned Income Tax Credit that would try to make sure America works for those willing to work.),” Buffett wrote.