Liberal Billionaire Warren Buffet Says $15 Minimum Wage Would Cost Jobs & "Crush" Many Workers

[mikegriffith1]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

 

[theHawk]

It’s official, Warren Buffet is now a racist.

 

[OnePercenter]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

More welfare?

 

[task0778]

"Seventy-two percent of economists say that a $15 minimum wage is a bad idea, and an even higher percentage say it will increase the unemployment rate. An economist at Moody’s estimated that up to 160,000 jobs will be lost in California’s manufacturing sector alone from the increase to $15."

$15 Minimum Wage Laws Are Wiping Out Jobs in New York and Illinois | Hans Bader

 

[TRFjr]

"Seventy-two percent of economists say that a $15 minimum wage is a bad idea, and an even higher percentage say it will increase the unemployment rate. An economist at Moody’s estimated that up to 160,000 jobs will be lost in California’s manufacturing sector alone from the increase to $15."

$15 Minimum Wage Laws Are Wiping Out Jobs in New York and Illinois | Hans Bader

liberals don't care they want to hurt the economy its a win win for democrats
first the ones that don't lose their job after the minimum wage increase will think democrats for the higher pay and the ones that do lose their job over the increase will vote democrat to keep getting the handouts they now require

 

[DOTR]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

Buffet is just another rich socialist. I agree with his minimum wage analysis but he has always pushed, along with dozens of other billionaires, for a basic income handout. It solves many problems for them mainly in that it offloads costs to middle class taxpayers. They hope the money seized from working people will be spent on their products. It’s that simple.

 

[OnePercenter]

"Seventy-two percent of economists say that a $15 minimum wage is a bad idea, and an even higher percentage say it will increase the unemployment rate. An economist at Moody’s estimated that up to 160,000 jobs will be lost in California’s manufacturing sector alone from the increase to $15."

$15 Minimum Wage Laws Are Wiping Out Jobs in New York and Illinois | Hans Bader

I love it, "that up to" which means somewhere between 1 and 160,000.

 

[Tumblin Tumbleweed]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

He's right.

 

[OnePercenter]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

Buffet is just another rich socialist. I agree with his minimum wage analysis but he has always pushed, along with dozens of other billionaires, for a basic income handout. It solves many problems for them mainly in that it offloads costs to middle class taxpayers. They hope the money seized from working people will be spent on their products. It’s that simple.

Buffet ISN'T is rich socialist, he's a capitalist racketeer like me.

If the EITC is paid by the US Government, doesn't that place the burden on taxpayers?

 

[OnePercenter]

What SHOULD happen is business investor returns should be limited to 15% of profits like they were in the 70's.

 

[OnePercenter]

I like my plan better;

-Jail all employers that knowingly hire illegal aliens.

-End all worker visa programs.

-Base Federal tax for corporations at 30% of revenue.

-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2019 rise in food, shelter, and transportation.

-Eliminate all business subsidies (deductions/write-offs/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.

-Companies with unlimited employees; employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.

-Adjust Social Security and private/public retirement and pension payments using 1970-2019 price structure.

-Remove the FICA limit.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 15 years which will eliminate inflation.

-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.

-Make inversion illegal.

My plan would reduce business costs for employees and taxes to 30%. That's a 15%-30% drop.

My plan would put BILLIONS into the economy daily.

My plan would put the $100 trillion plus currently owned by corporate America back into the economy.

My plan would end all welfare.

My plan would significantly increase social security and pension payments.

 

[OnePercenter]

We can also make businesses pay back their subsidies. How many trillions do you think that would gain?

 

[TRFjr]

What SHOULD happen is business investor returns should be limited to 15% of profits like they were in the 70's.

and you would think that would lower prices create jobs? your an idiot
all those businesses will do is produce less sell less meaning less jobs

 

[Dekster]

Most of the studies of minimum wage increase effects are short window, total gain/loss studies that don't look at who the winners and losers are. Several years ago I found a paper out of Canada that looked at these studies, tried to retroactively extend them, with available data, and model some data based on indirect but comparable situations, etc etc. and concluded that raises less than about 30% have virtual no effect on employment but once you get toward the mid thirties, you can expect some sporadic job losses through some sectors, but once you get above 40% at once, you can expect to see more wide spread job losses. Based on that we could likely go at least to $9.50 fairly safely immediately. $15 would be a disaster.

 

[mikegriffith1]

I had personal experience with the harmful effects of hiking the minimum wage when I was a teenager. I was working at a car wash when a big jump in the minimum wage was imposed. I had been working there for two years and knew the managers pretty well. They agonized over the wage hike because they simply could not afford to keep all the current workers at the new wage. So, they had to lay off about eight of the 30 workers, as I recall, or about 27% of the workforce. The managers felt very bad about it, but they had no choice. Luckily, I was one of the workers who was chosen to remain.

Now, the minimum wage hike helped ME because I got to work more hours at a higher wage, but it certainly did not help the eight guys who lost their jobs.

 

[MAGAman]

It’s official, Warren Buffet is now a racist.

And he's responsible for Global Warming.

 

[MAGAman]

What SHOULD happen is business investor returns should be limited to 15% of profits like they were in the 70's.

Brilliant. But no limit on investor losses.

Way to destroy the economy, Einstein.

 

[MAGAman]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

EITC may be the best welfare, but it should be limited and temporary. Not a lifestyle.

 

[skews13]

It is just amazing that liberals still get on this board and champion a $15 minimum wage, but even liberal billionaire Warren Buffet has acknowledged that raising the minimum wage that much would cost jobs and "crush" many workers.

Why Warren Buffett thinks a $15 minimum wage will 'reduce employment in a major way, crushing many workers'

Umptillion studies have shown that the best way to help low-income workers is through the Earned Income Tax Credit (EITC). The EITC spreads the burden among all taxpayers and businesses and targets adults who are working low-income jobs.

IZA World of Labor - The minimum wage versus the earned income tax credit for reducing poverty
EXCERPT: The earned income tax credit is a refundable tax credit available only to workers who live in low- to moderate-income families. As a result, the share of workers receiving this credit who live in poor families will be considerably greater than the share who gain from a general minimum wage hike.

Buffet say taxes should go up on the rich. Any comments?

 

[MAGAman]

Buffet say taxes should go up on the rich. Any comments?

Nobody's stopping him from paying more taxes.