Minimum Wage: Warren Buffett Says He'd Love to See $15 an Hour

Image: Minimum Wage: Warren Buffett Says He'd Love to See $15 an Hour

Tuesday, 04 Mar 2014 08:12 AM

By Michael Mullins

  Comment  |
   Contact  |
|  A   A  
  Copy Shortlink
Warren Buffett said minimum wage should be $10.10 per hour, the rate proposed by President Barack Obama earlier this year, but added that it should be even higher than that.

The billionaire said that in an ideal world, the rate would be $15 an hour, though he acknowledges such a hike would likely result in staggering job losses and have other negative impacts on America's working poor.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

In an interview with CNBC on Monday, the Oracle of Omaha addressed the minimum wage debate and different ways in which the government can help the nation's working poor, such as by raising the Earned Income Tax Credit, which would give more tax money back to individuals in low income brackets.

"If you could have a minimum wage of $15 and it didn't hurt anything else, I would love it," Buffett said. "But clearly that isn't the case."

"I think you can accomplish way more through the earned income tax credit without negative effects," Buffett added.

In January, during his State of the Union address, the president announced his plan to increase the current federal minimum wage, $7.25 an hour, to $10.10 an hour over a three-year period. This would be a near 40 percent increase.

Almost as quickly as the announcement was embraced by Democrats, the proposal was met with derision from Republicans, who cited a Congressional Budget Office (CBO) report that found such a minimum wage increase would cost the economy 1 million jobs by late 2016.

In typical Buffett fashion, the 83-year-old business tycoon, who has an estimated net worth of more than $58 billion, said he didn't believe the studies put forth on either side of the political spectrum.

"It's very hard to quantify those trade-offs," Buffett told CNBC. "People come out with these exact studies. They don't know. Usually you just get proponents of the two sides pulling out figures that substantiate their positions."

Known for his philanthropy, Buffett has long argued that the government should do more to bridge the ever-widening income gap between America's wealthy and poor, adding, "that's something a very rich country should address."

Editor's Note: Do You Support Obamacare? Vote in Urgent National Poll

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved