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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.

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