Warren Buffett’s Surprising Answer About Raising Minimum Wage!

Benzinga

Warren Buffett's surprising admission about the minimum wage has sparked debate, as he questions whether it truly benefits workers. He acknowledges potential negative impacts on job opportunities, especially in entry-level positions. Buffett's insights offer a unique perspective on the complex relationship between wage growth and the economy.  Check out www.benzinga.com for complete coverage along with all the latest financial news and data!

Transcript

00:00Warren Buffett recently admitted something surprising.

00:03The toughest question he's ever faced is whether the minimum wage should go up.

00:08His response?

00:10I don't know if people will be better off.

00:12It's a striking statement from one of the world's most respected financial minds.

00:17While Buffett supports higher pay for workers,

00:20he also cautions that a higher minimum wage could unintentionally reduce job opportunities,

00:25especially for entry-level roles.

00:27Instead, he proposes a different solution,

00:30strengthening the earned income tax credit.

00:33This approach ensures workers receive a livable income through government support

00:37without forcing businesses to cut back on hiring.

00:41In other words, rather than raising wages through regulation,

00:45Buffett believes in supplementing incomes through policy.

00:49With a nearly $18 trillion GDP,

00:51he argues the U.S. has the resources to make this work if the political will exists.

00:56It's a complex issue with no easy answers,

01:00and Buffett's honesty reminds us,

01:02even billionaires don't have every solution,

01:04but they do offer perspectives worth discussing.

Category

Transcript

Recommended