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

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.

Your plan would destroy the economy. Many parts of your plan have been tried in a number of places: Greece, Spain, Italy, England, Venezuela, etc. Their economies are all stagnant or are barely growing. Italy and Spain have had several years of negative GDP growth. We all know what has happened to Venezuela since the socialists took charge and began to wage war on big business.
 
Here are research articles on the harmful effects of the minimum wage and of substantially raising it, including research on the negative effects that have been seen in states that have raised the minimum wage well above the federal level. Let's start with the CBO analysis, which projected that even raising the minimum wage to $10.10 would cost about 500,000 jobs:

The Effects of a Minimum-Wage Increase on Employment and Family Income | Congressional Budget Office
EXCERPT: Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects

A database on the passage and enactment of recent state minimum wage increases - AEI

A $15 Minimum Wage: Bad News for Low-Income Workers

Adverse effects of the minimum wage ('political wage setting') even if some workers keep their jobs - AEI

Minimum wage analysis using a pre-committed research design: Evidence through 2017

The Minimum Wage: Restricting Jobs for Youth

Report: A $15 Minimum Wage Would Be an Economic Disaster

Understanding 'wage theft': Evasion and avoidance responses to minimum wage increases - AEI

Bad Economic Justifications for Minimum Wage Hikes

Would a $15 minimum wage help or hurt low-income workers?

Column: Why a $15 minimum wage should scare us
 
Currently, 29 states and D.C. have minimum wages above the federal minimum wage of $7.25 per hour. Five shithole red states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.
 
Currently, 29 states and D.C. have minimum wages above the federal minimum wage of $7.25 per hour. Five red states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.

I'm guessing you didn't bother, or couldn't muster the courage, to read any of the article links in my reply, right? Never mind facts, right? Just do whatever makes you feel good, right?

By the way, those five red states are doing very well, thank you. I've lived in two of them and spent a lot of time in another one of them.
 
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Currently, 29 states and D.C. have minimum wages above the federal minimum wage of $7.25 per hour. Five red states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.

I'm guessing you didn't bother, or couldn't muster the courage, to read any of the article links in my reply, right? Never mind facts, right? Just do whatever makes you feel good, right?

By the way, those five red states are doing very well, thank you. I've lived in two of them and spent a lot of time in another one of them.
I quoted the article.

Those states with the exception of some parts of TN are shit
 
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?

Sure, he ought to pay his back taxes before saying anything.
 
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.
Thing is, 20 states already have $9/hr min wage (or more) in effect, and state legislatures are the best judge of what works for their residents. Federal, one-size-fits-all edicts are more damaging than helpful.

In fact, the WashDC swampers are just pandering and burnishing their badly tarnished images at the country's expense.
 
Currently, 29 states and D.C. have minimum wages above the federal minimum wage of $7.25 per hour. Five red states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.

I'm guessing you didn't bother, or couldn't muster the courage, to read any of the article links in my reply, right? Never mind facts, right? Just do whatever makes you feel good, right?

By the way, those five red states are doing very well, thank you. I've lived in two of them and spent a lot of time in another one of them.
I quoted the article.

Those states with the exception of some parts of TN are shit

What's wrong?

Not enough homeless people to make you feel good about yourself?

Not enough shit on the sidewalk to make you feel at home?

Not enough gang-bangers shooting up neighborhoods to make you feel safe?

You tars are a riot.

You can buy a nice townhome in a nice neighborhood for under $80,000.00 in some of those places... $125,000.00 and you have a yard and a fence. $140,000.00 and you can have enough land to start your own garden or small business.
 

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