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Warren Buffett Warns Minimum Wage Hike Could Hurt Jobs

Tyler Durden's picture




 

"If you could have a minimum wage of $15 and it didn't hurt anything else, I would love it," Warren Buffet told CNBC this morning... "But clearly that isn't the case." And therein lies the rub that apparently the Democrats are incapable of comprehending. Hopefully, now that the Oracle of Omaha has spoken and explained that raising the minimum wage to $15 "wouldn't be a good idea," and suggested a different way to help the poor via the earned income tax credit. Buffett also explained that Obama should add further fiscal stimulus to create (or save, we assume) jobs.

 

 

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Mon, 03/03/2014 - 14:13 | 4502389 Meat Hammer
Meat Hammer's picture

Warren, is senility setting in???  Stay away from projects around the house that require a nail gun.

Mon, 03/03/2014 - 14:15 | 4502407 The Most Intere...
The Most Interesting Frog in the World's picture

Definetly off his meds... no way he was permitted to say something like this....  and stay away from tall buildings....

Mon, 03/03/2014 - 14:17 | 4502414 Arius
Arius's picture

move jobs to China ...

Mon, 03/03/2014 - 14:30 | 4502475 BaBaBouy
BaBaBouy's picture

Such A Nice, Smilling, Gentle, Sweet Old, Blood Sucking Man ???

Mon, 03/03/2014 - 14:45 | 4502607 James_Cole
James_Cole's picture

“If I owned J.P. Morgan Chase, he would be running it and he would be making more money than the directors are paying him,” he told her.

Buffett has publicly defended Dimon previously, and said he personally owns JPM shares.

Buffett added that the firm was a “huge plus to the American financial system” during the financial crisis

“If Jamie decides he wants to make more money, all he has to do is call me and I’d hire him at Berkshire,” Buffett said.

Mon, 03/03/2014 - 15:05 | 4502719 Mad Mohel
Mad Mohel's picture

Motherfucker! Just as we limit the bottom, how's about we limit the top also. Maxium wage bitchez! I bet he would be blowing Obama every Friday to get that raised. You want the nannie state bitch, then you trim from both ends.

Now if you'll excuse me I gotta go take a Munger. Had Chinese for lunch.

Mon, 03/03/2014 - 15:17 | 4502790 zaphod
zaphod's picture

The R team should just counter that $15 is not enough and why don't we give $25 to everyone. I mean why stop at some random $15 number? They can justify it by making inflation adjusted comparisons to the 60s. 

We all know $25 would effectively shut down how industries, but let the D team argue that for once. 

 

Mon, 03/03/2014 - 15:28 | 4502833 James_Cole
James_Cole's picture

The R team should just counter that $15 is not enough and why don't we give $25 to everyone.

If there was any intellectual honesty the discussion would be whether a minimum wage should exist at all and if so at what price-point. Those are the only two aspects of the argument. 

Instead the masters make sure the argument stays within the acceptable margins. Have people start to ask questions about how the bullshit economy actually works? Nope, doesn't benefit the masters! 

Mon, 03/03/2014 - 15:28 | 4502837 ebworthen
ebworthen's picture

$15 should be enough to buy some rope to hang that crony capitalist human tapeworm.

$25 would be enough to buy a black rose.

Mon, 03/03/2014 - 14:16 | 4502409 TeamDepends
TeamDepends's picture

Yeah, Mr. Buffet.  You know, you could give 'em a bite of your sammich.  Just sayin'.

Mon, 03/03/2014 - 14:25 | 4502470 Levadiakos
Levadiakos's picture

What are Becky's thoughts on the matter?

Mon, 03/03/2014 - 14:35 | 4502546 TeamDepends
TeamDepends's picture

Word is she prefers kielbasa, but will take chorizo in a pinch.

Mon, 03/03/2014 - 14:30 | 4502516 sgt_doom
sgt_doom's picture

The very same jackhole whose company has been in the tax courts for years, fighting against paying any federal taxes, yet this lying jackhole has the audacity to say others should pay their taxes?

The very same jackhole who criticized those "economic weapons of mass destruction" (credit derivatives) but then lobbies against any changes or oversight in the Dodd-Frank legislation?

The guy who wants his railroad (BNSF) to transport polluting coal trains (he also owns the Tank Car Company which manufuactures those trains) across Washington State from Canada?

I get it . . . .

Mon, 03/03/2014 - 14:38 | 4502564 TheFourthStooge-ing
TheFourthStooge-ing's picture

Fuck Warren Buffett. Why won't that lying, scheming, diapered criminal and his playpen playmate Charlie Munger just fucking die already? A nice warm place has been prepared for them.

Mon, 03/03/2014 - 15:25 | 4502818 LMAOLORI
LMAOLORI's picture

 

 

Lets not leave out that the jackhole also hides his fortune in charities so he personally can avoid taxes and a tax increase wouldn't affect him at all.

Or that he is setting up foundations which his kids can earn millions to manage when he finally does take a dirt nap (he'll need a stake in his heart to ensure he stays there). I wouldn't have as much of a problem with him if he wasn't such a hypocritical son of a b*tch.

 

Implementing Warren Buffett's Gift
  • The foundation must continue to satisfy the legal requirements qualifying Warren’s gift as charitable, exempt from gift or other taxes.
Mon, 03/03/2014 - 16:28 | 4503227 Dr. Everett V. Scott
Dr. Everett V. Scott's picture

sgt_doom,

 

That's not the issue here. The issue here is the minimum wage, and it's a relief to see someone in the Billionaires Club talking some common sense about it.

 

Raising the minimum wage would raise unemployment. How could it not? It would also raise the cost of fast food; what lots of poor folks eat. How is that a good thing?

 

The people who need to be demonized over this issue are the guilty rich majority of billionaires, who want to simply decree that mostly small businesses must either pay more, or make do with fewer workers.  

 

The guilty rich already have theirs. It's no skin off their nose.

Mon, 03/03/2014 - 14:32 | 4502527 fooshorter
fooshorter's picture

O Warren buffet you sack of scheming manipulative garbage, Thanks for the laugh.

 

 

Mon, 03/03/2014 - 14:57 | 4502677 rubiconsolutions
rubiconsolutions's picture

< ---- Yes

< ---- No

I still haven't had anyone answer this very simple, very straightforward question: Should any person be able to negotiate a private employment contract at whatever rate is mutually beneficial?

 

Mon, 03/03/2014 - 15:04 | 4502709 Panafrican Funk...
Panafrican Funktron Robot's picture

As long as the rate is publicly transparent, I don't think there should be a minimum wage at all.  I think a bi-weekly EIC that scales based on income up to 400% of the FPL would be a reasonable way to fix the vast majority of the issues with income inequality.  

Mon, 03/03/2014 - 15:45 | 4502921 rubiconsolutions
rubiconsolutions's picture

What business is it of yours what the rate I am paid should be? Or the public? The problem is that government has stepped in an asserted their monopoly of the use of force to coerce employers to become collection agencies. Direct taxation is an instrument of tyranny. The government says to the citizen: Your earnings are not exclusively your own; we have a claim on them, and our claim precedes yours; we will allow you to keep some of it, because we recognize your need, not your right; but whatever we grant you for yourself is for us to decide.

Besides, anyone with half a brain knows the issue isn't how much the minimum wage is. It has everything to do with the fact that money is borrowed into existence and is therefore a debt instrument. This along with fractional reserve banking encourages inflation. Unless and until their is sound monetary policy in this country and a shift away from debt based money there will always be a need to raise the minimum wage in order to keep up with state created inflation.

Mon, 03/03/2014 - 16:07 | 4503077 Tall Tom
Tall Tom's picture

Increases in the Minimum Wage are a stealth tax increase as it increases the amount of REVENUES RECEIVED by the Federal Government through the NON REFUNDABLE FICA, FUTA and Medicare "contributions". They are percentages of total Gross Pay after all.

 

The Government is not at all interested in helping the poor. The Government is interested in shoring up revenues in the insolvent Social Security, Medicare, and Unemployment "Insurance" accounts.

 

So I respectfully disagree with your assertion that raises in the Minimum Wage are necessary in order to keep up with state created inflation. Now that seems to be the case. It is a little more nefarious.

 

The increases in Minimum Wage are enacted to extend the viability of the Ponzi Scheme of the aforementioned programs so as not to expose the fraud.

Mon, 03/03/2014 - 16:33 | 4503248 Mercuryquicksilver
Mercuryquicksilver's picture

I thought rubicon was saying the same thing.

Mon, 03/03/2014 - 19:53 | 4504249 Tall Tom
Tall Tom's picture

Rubiconsolutions stated the following, " Unless and until their is sound monetary policy in this country and a shift away from debt based money there will always be a need to raise the minimum wage in order to keep up with state created inflation."

 

There was nothing in Rubiconsolutions' post that dealt with Payroll Taxes. Not one thing. 

Mon, 03/03/2014 - 18:44 | 4503903 HisNameIsRP
HisNameIsRP's picture

No matter what you try to do to even the score, you fuck everyone else

Mon, 03/03/2014 - 15:33 | 4502860 centerline
centerline's picture

No, is just making it okay in his mind when he profits from this one way or another.

Mon, 03/03/2014 - 15:41 | 4502900 Catflappo
Catflappo's picture

" Buffett went on to say that the best outcome for all would be had by progressively cutting the minimum wage to the point of ultimately creating enough jobs for absolutely everyone".  He declared no conflict of interest.

Mon, 03/03/2014 - 14:14 | 4502394 Magnix
Magnix's picture

CNBC sucks!

Mon, 03/03/2014 - 14:37 | 4502558 Levadiakos
Levadiakos's picture

I want Bill Griffiths job. Show up at 3, tell us where the Dow is every 5 minutes, go home at 4 and make $250k.

Mon, 03/03/2014 - 14:14 | 4502396 stant
stant's picture

uncle warrens off his meds again and off script

Mon, 03/03/2014 - 15:44 | 4502398 buzzsaw99
buzzsaw99's picture

dimon isn't paid enough but minimum wage is too high? warren, why won't you die already?

 

Why won't you die? [/Austin Powers]

Mon, 03/03/2014 - 14:14 | 4502399 Dr. Engali
Dr. Engali's picture

Uh Oh. That doesn't fit the narrative. No bath with Becky today for the senile old oligarch.

Mon, 03/03/2014 - 14:28 | 4502494 malek
malek's picture

Com'on don't be so harsh. After all Uncle B. just signaled to our socialist politicians that a Minimum Wage of $14 would be acceptable. /s

Mon, 03/03/2014 - 14:16 | 4502402 Kirk2NCC1701
Kirk2NCC1701's picture

Consider it a Minimum Tax hike, Warren.

And we've all heard your "My secretary pays more in taxes than I do" story ad nauseum.

Mon, 03/03/2014 - 14:15 | 4502404 Shizzmoney
Shizzmoney's picture

RE

Hopefully, now that the Oracle of Omaha has spoken and explained that raising the minimum wage to $15 "wouldn't be a good idea,"

Yeah, for him.

I miss the good ole "tar and feathering" days


Mon, 03/03/2014 - 14:16 | 4502410 onewayticket2
onewayticket2's picture

all, here's the CBO report (that is being kept quiet) stating that it will cost 500k jobs.

see page 5 (summary)

 

http://www.cbo.gov/sites/default/files/cbofiles/attachments/44995-Minimu...

 

 

Mon, 03/03/2014 - 14:22 | 4502444 denverdolomte
denverdolomte's picture

Seems legit. Perfect DC solution.....raise the minimum wage to $10.10 while cutting anywhere from 500k to 1.1million jobs by 2016. Who wouldn't want that? 

What's that saying ???? Bait and Switch???

Mon, 03/03/2014 - 14:16 | 4502411 Seasmoke
Seasmoke's picture

Clearly $8 is better than $15 for the working poor.

Mon, 03/03/2014 - 14:18 | 4502417 onewayticket2
onewayticket2's picture

if $15 is better than $8 for the economy....why not $150?  wouldnt that be better than $15?

 

/s

Mon, 03/03/2014 - 14:23 | 4502448 insanelysane
insanelysane's picture

A skill that everyone else in the world can perform is not a skill.  Clearly we should pay people with no skills $150/hr.  Jump them right over people with skills.  It's only fair.  I'm not sure I can afford anything in a convenience store that is paying the clerk $150/hr but clearly they could make it up in volume.

Tue, 03/04/2014 - 01:42 | 4505398 Assetman
Assetman's picture

Sociopathy is a skill... and one that can pay much better than $150 per hour.

If only there was a post secondary education program that had that as a major... though I think many of the Ivy league programs have that as a shadow major.

But your points are very well taken and right on the mark.

 

Mon, 03/03/2014 - 14:25 | 4502471 thamnosma
thamnosma's picture

Just dole out $1 million to each American family.   Think of the spending.  Think of the consumption.

Mon, 03/03/2014 - 18:49 | 4503946 HisNameIsRP
HisNameIsRP's picture

Long as we do it alphabeticly, (Aaron Aarons here) thank you... see ya

Mon, 03/03/2014 - 14:20 | 4502428 DIgnified
DIgnified's picture

Yes, $8 is better than zero.  Having to pay EmployeeA $15/hr, when they output $6.50 worth of work might lead EmployeeB to be canned for financial reasons. Just a thought. 

Mon, 03/03/2014 - 14:23 | 4502451 onewayticket2
onewayticket2's picture

From the Exec. Summary of the CBO report this month:

"Effects of the $10.10 Option on Employment and
Income.

Once fully implemented in the second half of
2016, the $10.10 option would reduce total employment
by about 500,000 workers..."

Mon, 03/03/2014 - 15:17 | 4502774 KickIce
KickIce's picture

This is all idiotic banter, the only way we find the true value of labor is eliminate bailouts and return to a gold standard.  We endure government inefficiency in nearly every aspect of our lives which drives up prices and inflates wages to those with connections.  In short, we need a complete reset.  Would $15 be to high for most remedial jobs, absolutely, but in a free market economy I would bet they're some overpaid execs as well.

 

Mon, 03/03/2014 - 15:32 | 4502854 Babaloo
Babaloo's picture

here, let me put the rest of the quote in here rather than your ellipses, 

"

Many more low-wage workers would see an increase in

their earnings. Of those workers who will earn up to

$10.10 under current law, most—about 16.5 million,

according to CBO’s estimates—would have higher earnings

during an average week in the second half of 2016 if

the $10.10 option was implemented.

 

Not that your ellipses are misleading, but rather in the interest of disclosing all the projections by the CBO...

 

Mon, 03/03/2014 - 14:24 | 4502458 insanelysane
insanelysane's picture

Stop doing math.

Mon, 03/03/2014 - 15:12 | 4502760 DIgnified
DIgnified's picture

I don't consider pointing out a bad deal "math." More common sense.  Moreover, I'm unaware of any scenario in which price controls lead to anything but chaos and disaster.  Eg Venezuela, Argentina

Mon, 03/03/2014 - 14:29 | 4502506 Seasmoke
Seasmoke's picture

Congrats. You just "saved" 500,000 jobs. Obama should give you a job in his Cabinet.

Mon, 03/03/2014 - 14:16 | 4502412 DaveyJones
DaveyJones's picture

if you could have a minimum government and it didn't hurt anything else I would love it.

Mon, 03/03/2014 - 14:19 | 4502425 thunderchief
thunderchief's picture

Warren Buffet should just fade away, like General Mc Carthur's last speech at West Point (1962?).

Instead he just keeps showing up letting us all know how he's not different than every other money grubbing Wall Street crook.

Hey Warren, you can't take it heaven, or hell for that matter.

Mon, 03/03/2014 - 14:20 | 4502429 Cangaroo.TNT
Cangaroo.TNT's picture

Buffett also explained that Obama should add further fiscal stimulus to funnel money directly to his companies.

Mon, 03/03/2014 - 14:43 | 4502596 Meat Hammer
Meat Hammer's picture

+1.  If you're paying attention and have a smidge of critical-thinking ability, it's all abundantly transparent.

Mon, 03/03/2014 - 14:20 | 4502431 The Most Intere...
The Most Interesting Frog in the World's picture

Warren, agree, but go buy a fucking fanny pak and get a house in Florida or something already...  play some golf...  enough already...

Mon, 03/03/2014 - 14:21 | 4502440 Catullus
Catullus's picture

It doesn't work at $15/hr. But it works at $8/hr! Doesn't affect job until it hits an imaginary number that warren just makes up.

Tax credits are just welfare. And it's just going to be eaten when the poor don't get health insurance.

Want to help the poor? Get rid of the payroll withholdings taxes. Don't begin withholding anything until someone has been paid $20k. Nothing. Including social security. You can make your first $20k from anyone you want. Do it multiple times with multiple employers. All your employer knows is whether they've paid you $20k or not. Start taxing at $20,001. No coordination with any other source of income.

If you owe taxes at the end of the year, you must pay quarterly estimates for next.

Mon, 03/03/2014 - 14:52 | 4502653 James_Cole
James_Cole's picture

Want to help the poor? Get rid of the payroll withholdings taxes. Don't begin withholding anything until someone has been paid $20k

Yes you are absolutely correct. Doesn't anyone bother to notice how narrow the MSM keeps this argument? "If you up it to ten, why not $150?" Not a pip on payroll taxes, or a discussion of the function of a minimum wage / where should be.

Just how it shouldn't be higher cause den yea los all dem jobs. 

http://upload.wikimedia.org/wikipedia/commons/thumb/3/31/Federal_Receipt...

Mon, 03/03/2014 - 15:13 | 4502766 Panafrican Funk...
Panafrican Funktron Robot's picture

Really, any tax associated with payroll is silly.  A flat tax on transactions would be the most efficient.

http://thetransactiontax.org/

Mon, 03/03/2014 - 14:25 | 4502449 DIgnified
DIgnified's picture

 

 

2Pac:  Trying to make a dollar out of fifteen cents

 

NewPac:  Trying to get a dollar for my fifteen cents

Mon, 03/03/2014 - 14:23 | 4502455 thamnosma
thamnosma's picture

I hate the minimum wage, but I hate this guy as much.   Nothing but bad choices.

Mon, 03/03/2014 - 14:28 | 4502496 Quinvarius
Quinvarius's picture

The only solution is to raise minimum wage, but make him pay for all of the increase.

Mon, 03/03/2014 - 14:25 | 4502467 Cthonic
Cthonic's picture

What a self-servicing cunt.  Uncle Fraud, we'll never forget that 'oh shit' the look on your face, back in Oct '08.

Mon, 03/03/2014 - 14:27 | 4502489 Caveman93
Caveman93's picture

Minimum wage is not the issue .... the inflated fiat currecy however IS the issue.

Mon, 03/03/2014 - 14:31 | 4502524 gatorengineer
gatorengineer's picture

Well interesting question  $15 dollar minimum wage, how many of the free shit army would that knock off the dole?  more or less than the 500k it would add to it.  Interesting actuarily.....

Mon, 03/03/2014 - 14:31 | 4502526 Ban KKiller
Ban KKiller's picture

Fascist pig. It really is that simple. He and "government" working side by side. 

Free markets indeed! Algos kick in at 3:30 or earlier, right? Yep. 

 

Mon, 03/03/2014 - 14:33 | 4502535 gatorengineer
gatorengineer's picture

sure feeling like a ramp to a green close.... on hope a settlement is near....

Mon, 03/03/2014 - 14:33 | 4502532 Peter Pan
Peter Pan's picture

Minimum wage hike could hurt jobs but it is beyond doubt that maximum bonuses to Wall Street have definitely hurt jobs.

Mon, 03/03/2014 - 14:33 | 4502533 Spungo
Spungo's picture

I like uncle Warren. He's a good communicator. He's capable of saying the stuff Peter Schiff says without making everybody extremely angry. 

Mon, 03/03/2014 - 14:36 | 4502551 alangreedspank
alangreedspank's picture

Yeah, I like Schiff but his sometimes troll-ish demeanure infuriates people to a point where the content of what he's saying evaporates when it hits their boiling foreheads. I still find him funny.

Mon, 03/03/2014 - 14:49 | 4502637 Quinvarius
Quinvarius's picture

In all fairness, they usually attack schiff first and treat him like crap.  I think he holds back a lot more than I would.

Mon, 03/03/2014 - 15:03 | 4502706 alangreedspank
alangreedspank's picture

True, and that's the norm for anyone who's perceived as an economic right winger. I learnt to hold back a lot as I grew older. Ron Paul also was also Schiff-like in his delivery earlier in his career. I remember him on the Downey Show or telling a specator something akin to "WTF, fat obese fuck, why do you want government involved in your diet or drug habits if you can't even lose the weight yourself?!" Which was absolutely right, but quite expeditive lol.

 

Mon, 03/03/2014 - 15:11 | 4502750 Blankenstein
Blankenstein's picture

Yep.  His delivery is calm in this old classic and then is laughed at and ridiculed by that moronic clod Mike Norman who incidentally is completely wrong in his analysis and by a permed turd who also has no clue what he is talking about.

 

http://www.youtube.com/watch?v=60CLQse27p8

Mon, 03/03/2014 - 14:34 | 4502543 alangreedspank
alangreedspank's picture

Statist love Buffet when he says he and other "rich" don't pay enough taxes, but will scorn him for this one.

Mon, 03/03/2014 - 14:35 | 4502549 syntaxterror
syntaxterror's picture

Who gives a fuck what this insider trader thinks?

Mon, 03/03/2014 - 14:42 | 4502582 MrBoompi
MrBoompi's picture

Big shock!  A billionaire capitalist doesn't think raising the minimum wage is a good idea, and he likes free money.

Mon, 03/03/2014 - 15:05 | 4502721 LMAOLORI
LMAOLORI's picture

 

 

He's a billionaire CRONY capitalist 

(fixed it for you)

Mon, 03/03/2014 - 14:51 | 4502648 pitz
pitz's picture

How many minimum wage workers at Dairy Queens Mr. Buffett?  Could we live without Dairy Queens on every streetcorner?  I think so.  Might actually lose some weight that way too.

Mon, 03/03/2014 - 14:53 | 4502662 esum
esum's picture

shut the fuck up

pay your $2.5 billion back tax bill

die

Mon, 03/03/2014 - 14:55 | 4502670 the grateful un...
the grateful unemployed's picture

Nader's presidential picks:

  1. Thomas Steyer
  2. Ray Dalio
  3. Oprah
  4. Jerome Kohlberg
  5. Barry Diller
  6. John Arnold
  7. Ted Turner
  8. Thomas Siebel
  9. Chase Coleman
  10. Marc Andreessen
  11. David Rubenstein
  12. Steve Case
  13. Sheryl Sandberg
  14. Bill Gross
  15. William Conway
  16. Stanley Druckenmiller
  17. Abigail Johnson
  18. Bil Gates
  19. George Kaiser
  20. Tom Golisano

 

Buffetts not here, maybe hes 21. i don't know half these people, so i imagine they come to us with a clean slate. maybe Gross could make El-Arian his VP ;)

Mon, 03/03/2014 - 15:12 | 4502757 LMAOLORI
LMAOLORI's picture

 

 

Screw Nader he's practically another Buffet he hated the GSE's before but now that he has some dough on the line it's a different story.

 

How Ralph Nader learned to love Fannie and Freddie

 

snips

 

“It is time for [government-sponsored enterprises] to give up ties to the federal government that have made them poster children for corporate welfare. Most of all, Congress needs to look more to the protection of the taxpayers and less to the hyperbole of the GSE lobbyists. –Ralph Nader, testimony before the House Committee on Banking and Financial Services, June 15, 2000

 

Perhaps the most surprising thing is that despite his prescient warnings and his dislike of the GSE business model, somewhere along the way Nader bought stock in Fannie and Freddie."

Mon, 03/03/2014 - 17:52 | 4503635 kurt
kurt's picture

In mating season snakes ball up in a frenzy of snake piss smelling funk.

Mon, 03/03/2014 - 15:02 | 4502688 underman
underman's picture

There will be people willing to take $15/hr minimum wage, who had otherwise dropped out of the labor market (with some degree of skills) - being too good for $8/hr, previously.  This will displace the workers (zero skills) who were appropriately (?) paid $8/hr.  Arguably, one skilled worker can replace 2 zero-skilled workers, unless the job(s) requires 2 people being in 2 different places at the same time.  Perhaps 2 can replace 3?  What's the net-net advantage?  After taxes, mandatory insurance, soon to be mandatory myRA...what's $15/hr anyway?  Another way to extract money from employers - who pass along costs to consumers?

Mon, 03/03/2014 - 15:02 | 4502701 Quantum Nucleonics
Quantum Nucleonics's picture

What would you expect the guy to say!  He owns a f-ing fast food chain!!!! (Dairy Queen)  Buffett is a hyprocrite.  He's happy to advance socialist ideology that doesn't affect him... raise taxes, my secretary pays more taxes than I do, but when it comes to something that actually affects his bottom line, all of a suddent he lets the Austrian school economist come out.

Excuse me while I go vomit.

Mon, 03/03/2014 - 15:06 | 4502728 ChargingHandle
ChargingHandle's picture

where was this sentiment when Obama started the next phase of his class war? coming from the guy that owns Dairy Queen.... a real shocker here.  of course he does not like it... The notion is not convenient to his position. 

Mon, 03/03/2014 - 15:20 | 4502804 besnook
besnook's picture

what would actually happen with a rise in the minimum wage can be seen in the doubling of the minimum wage in the 70s. there actually wasn't much harm done to labor or profit but it accomplished nothing in the end as the minimum wage just becomes the new poverty level with more people in poverty because of the constraints upon labor already paid those wages. in other words, labor that is already paid the higher wage before the minimum wage is raised will not see any increase in wages creating an entirely new class of marginal workers as prices rise in accordance with the increased labor costs.

Mon, 03/03/2014 - 16:21 | 4503183 LMAOLORI
LMAOLORI's picture

 

 

Critical thinking skills seem to be lacking in a lot of people. How many marginal workers would no longer be elible for the EITC (Earned Income Tax Credit).

$15.00 x 40=$600 x 52=$31,200 and the EITC for 2014 is...

  • $14,590 ($20,020 married filing jointly) with no qualifying children

This would amount to a tax increase for the most marginal workers at the same time as companies are passing on the increase in prices to the consumer.

People have mentioned that Buffet owns DQ's but another side of that story is there are a lot of them that are franchises and the independent owners would suffer so buffet is correct (but he is none the less a hypocrite). A minimum wage increase could drive some of them out of business.  Unlike buffet they can't pay off our politicians or be bailed out to the tune of $95 Billion. DQ's that are franchised are not a high profit business to begin with, the most profitable item is the frozen ice cream cakes and needless to say those cakes are not the highest selling item. 

Mon, 03/03/2014 - 15:38 | 4502882 mumbo_jumbo
mumbo_jumbo's picture

"a different way to help the poor via the earned income tax credit"

 

okay, i get it. give people more tax payer money to make up the difference between what it costs to live in the USA and what corporations can get away with paying and in the end the $30K a year in fed income taxes i pay is about to go up, again, so corporations can become richer.

seeing that corporate earnings are at all time highs and corporates tax receipts are at all time lows i think this whining is a bit disingenuous.

all the while they (corporations) are sitting on piles of cash, or so we're told.

Mon, 03/03/2014 - 15:50 | 4502942 Chuck Knoblauch
Chuck Knoblauch's picture

Nicole Buffet wants a raise,Grandpa. Nicole told the world that Grandpa is a two-faced prick.

Mon, 03/03/2014 - 16:09 | 4503099 marathonman
marathonman's picture

Warren, go pound sand you tired old crony bastard.

Mon, 03/03/2014 - 16:09 | 4503100 reader2010
reader2010's picture

What if we make the max wage/salary limits to eradicate the mantra of "greed is good."? What if we use the leftover to house, feed and clothe every human in the world? What if life's true purpose is to not what the ruling ideology of slavery promotes?

Mon, 03/03/2014 - 17:09 | 4503430 The Abstraction...
The Abstraction of Justice's picture

Pretty much everyone in the world has been clothed with free Western sytle clothing. And pretty much everyone has enough to eat, otherwise the population would be falling not rising. The issue for the West is that the charity money goes to the super rich, curtesy of Muggins Chump the Taypayer.

Mon, 03/03/2014 - 16:28 | 4503230 A Cruel Accountant
A Cruel Accountant's picture

Eliminate min wage it is racist. It was designed to force African Americans out of the work force. It has been very effective. Hovever eliminate all payroll taxes on all wages below 10 bucks an hour SSN, Unemployment, medicare ect. You will see unemployement drop like a rock.

Mon, 03/03/2014 - 17:50 | 4503623 kurt
kurt's picture

correction: Racis and shit.

Mon, 03/03/2014 - 16:48 | 4503303 roadhazard
roadhazard's picture

It's a laff watching the uber rich decide what is good for the worker. It seems they can only make it all come out right if the wages are low. 

home, James

Mon, 03/03/2014 - 16:56 | 4503337 Bub Ba
Bub Ba's picture

Business insists on maintaining needed profit margin to survive on the one hand and remain competitive on the other; therefore:  + minimum wage  =  - employed.

An increase in the Minimum Wage will wipe out the increase in part-time job formation due to obamacare.

The natural balance of things is a zero-sum game.

 

 

 

 

Mon, 03/03/2014 - 17:07 | 4503417 The Abstraction...
The Abstraction of Justice's picture

+ minimum wage = -profits for the consolidators = people power.

Mon, 03/03/2014 - 16:59 | 4503374 MFLTucson
MFLTucson's picture

And his bottom line at Dairy Queen and Sees candy!

Mon, 03/03/2014 - 17:48 | 4503611 kurt
kurt's picture

Hey Warren, Fuuuuuuuuuuuuuuuuuuck Youuuuuuuuuuuuuu!

Mon, 03/03/2014 - 18:44 | 4503907 flyingcaveman
flyingcaveman's picture

If central banks could print money for nothing , without hurting anybody, I would love it.

Mon, 03/03/2014 - 19:21 | 4504106 earleflorida
earleflorida's picture

hmmm... bringing in a million foreignors a year on work visa for the past two decades +/+, does wonders for the working class poor? never looking back as their numbers grow exponentially in a clandestine shadow economy. indeed, that of an, 'under-the-table' albatross, metastasizing around their balls-- literally castrating the 'wanna-do-the-right-thing-pleb's', indebted to corporate america. yes, mr. globalist and citizen rand-kane love it's rhyming without reason methodology. this limitless stream of slave labor on the governments dole! how can ya miss, as mr. common-denominator citizen picks up the tab, while the money made on labor's back falls into the nesting-trap aka. 'legalized refugee labor camps' grown in a corporation's petri`dish lab known only to bureucrats as a conscientious observers work-n-progress?  the nwo citizen's united... as we stand for lesser pay to preserve our standard of living?!?  logic deserve better than a robotic threat when tomorrow is just a pay-cut away? yes/no confused? so am i!

thankyou Tyler

Ps. i love a pay cut, and i for the life of me can't understand why you don't when i'm the wealthiest man in america???????

Mon, 03/03/2014 - 20:36 | 4504383 Kavklov
Kavklov's picture

I give buffet 15usd to SHUT THE FUCK UP!!!!

Tue, 03/04/2014 - 20:31 | 4509856 yellowsub
yellowsub's picture

Warren is just trying to take advantage of the same tax credit as if he hasn't received enough welfare...

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