Buffett: I'd love to see minimum wage at $15 an hour - Polidicks

[QUOTE]"If you could have a minimum wage of $15 and it didn't hurt anything else, I would love it," he said. "But clearly that isn't the case." However, he added, he wouldn't argue with President Obama's proposal for a more modest increase, to $10.10 an hour from $7.25 an hour currently. Buffett, the second richest man in the United States behind only Bill Gates, suggests a different way to help the working poor.[/QUOTE] [url]http://money.cnn.com/2014/03/03/news/economy/buffett-minimum-wage/index.html?hpt=hp_t2[/url]

Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?

This will be unpopular but it won't be popular until small businesses can afford it. This doesn't mean much from one of the wealthiest men in the world. It is good progress though.

Uh where is the source article you got that from?

Holdup

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what? What did Buffet suggest now?[/QUOTE] I don't think minimum wage affects as much as you think, at least not in the retail/fast food/corporate sector. Small business and such, sure it sucks, but for many retail places they are already scheduling people for the minimum amount of hours possible to get the job done. This would simply force a few larger companies to take a fairly small hit in comparison to the profit they bring in.

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] Splitting the profit amongst your workers?

[QUOTE={TFS} Rock Su;44116474]Splitting the profit amongst your workers?[/QUOTE] as if that will ever happen

Hope you're prepared to scale everyone elses wages accordingly then because otherwise you're gonna get a looooot of pissed off employees. [editline]3rd March 2014[/editline] and then I hope you're prepared to take on the additional overhead costs of doubling the wages of most of your employees.

[QUOTE=Jawalt;44116454]I don't think minimum wage affects as much as you think, at least not in the retail/fast food/corporate sector. Small business and such, sure it sucks, but for many retail places they are already scheduling people for the minimum amount of hours possible to get the job done. This would simply force a few larger companies to take a fairly small hit in comparison to the profit they bring in.[/QUOTE] Small businesses should get lower minimum wage requirements than huge corporations, IMO. Would solve that problem rather easily and actually seems to be a fair compromise.

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[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] reduction of taxes, more hours granted, less cash deduction on our paychecks, then we can start buying expansive things like steak dinners at longhorns, or see movies more often, and buy 3 60 dollar video games if we wanted, instead of being poor, barly being able to pay those 100 dollar bills, hardly be able to eat out besides getting fast food, and other things. it's hard enough that most jobs out there don't give you 40 hours or work is sporatic that only happens every now and then, also how jobs tend to overwork your ass to begin with, for example: Amazon will give you 2 warnings if your not reaching 100% or higher, the UPH (unit per hour) is 85, if you don't do 85 per hour, you'll will get a warning about it, if you fail again, you get your last warning, if you fail the third time, you lost your job. right now we also have a uph here at where I work at on mail processing where I have to do 112 per hour, and I do pretty much IRS stuff mostly.

[QUOTE=S31-Syntax;44117072]Hope you're prepared to scale everyone elses wages accordingly then because otherwise you're gonna get a looooot of pissed off employees. [editline]3rd March 2014[/editline] and then I hope you're prepared to take on the additional overhead costs of doubling the wages of most of your employees.[/QUOTE] How does that even make sense?

I have friends that work their asses off in the oil field making $15 an hour. How would they feel if some dude at mcdees makes the same ammount?

[QUOTE=bigdandyd;44117449]I have friends that work their asses off in the oil field making $15 an hour. How would they feel if some dude at mcdees makes the same ammount?[/QUOTE] your friends are getting ripped off.

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] A job migration program which aids the unemployed finding jobs across the country: [quote]I have been working on a concept for a piece of legislation that I wish to suggest to the my local representatives, but I first would like to get other people's opinions. This piece of legislation is called, "Nomadic Employment Act" and its basis is based on the life that my family has lived for most of my life. You see, through out my life, I have moved roughly four times. From Buffalo, New York... To Hamburg, New York.... To Tucson, Arizona... Now Mandan, North Dakota. This constant movement has been thanks to my father's employment. He is considered a jack-of-trades within electrical engineering, but he has a hard time staying in one area or job site thanks to the way electrical engineering tends to work with the local economy. Every time we had to move to a different city or different state, my father tends to "lead the pack" and goes ahead of us, and moves to the area where employment is good, and settles down there for three months. Usually living in a company paid hotel, and sending money back to us in order for us to live a semi-normal life, and have a roof over our heads. Eventually he gathers the $2000 to $3000 dollars needed to move across the country, and he comes back home, pays the last of the lease for where we are living, and we begin the long trek to our new home. So how does this lead up to my Nomadic Employment Act? Well... Within every instance of our moves and treks, its always been somewhat rough on us financially. We are lucky my father usually landed high paying jobs, but I can't imagine people with low paying jobs being able to do the same treks in order to ensure their families a good life. It's from this that I have devised a concept that would aid low-income workers, and ensure them the ability to find work across the country. First off, we would need to adopt a new retirement system. Instead of the current retirement system which generally requires you to stay with one job, we devise a new method of retirement in which if you work in the same trade or profession for longer then 20 years, you are eligible to have a mixed retirement fund made up with Federal taxes, and retirement funds from the employers you were employed by through out those twenty years. This ensures that you are not simply bogged down by having one job, in one state/city, and being unable to move to find better opportunities. This is the first part of the Nomadic Employment Act... A complete reformation of the 401K, and other retirement based systems. The next part is the basis of financial issues of moving yourself between cities and state lines. With this act, every state government will have an organized "Board of Employment" and from this board, companies will be allowed to put out job offers into the open air which will be filled by the Federal government. How would it work? At first, if you are unemployed, not disabled in a serious way, not raising children from home, and physically fit, you will be sent a form which must be filled out. This form will include your current or past credentials, your education, past employments, and current years of experience with certain trades. Once you fill this out, the federal government will judge your current experience, establish a minimum wage based on said experience, and send out this resume to every Board of Employment in every 50 states(including territories as well). Once this is done, the federal government will contact you within in one week and give you a list of current job offers. Each of these job offers would be guaranteed, but you may be asking... What happens if I am hired out of state? Well, if you are hired out of state, the Board of Employment in that area will provide you with a hotel, free of charge, for three months. Once you move to the hotel, the Board of Employment will work with you to find a household or apartment which you could rent. After you find a house or apartment, they will send a request to the federal government to offer you a loan, or let you pay for the building up front. If you are given a loan from the federal government, the loan is paid back by deducted Tax Returns, or increased taxes over a five year period. You can also pay the loan back directly at the Board of Employment offices. With this all set and all that... You might be asking... What about my family? Under the Nomadic Employment Act, another branch of the United States Postal Service will be opened to accommodate and aid moving family, furniture, and household items to new areas. This branch will revitalize the USPS, and paying for the move will also follow up under the same loan system, or if your employer is insured for such an expense, it'll be done half and half between the employer and federal government. Any opinions?[/quote] Two years of [I]Trade School[/I], nationalized healthcare so that people don't get fucked over by monster bills on minimum wage, restructure of the current agricultural situation to subsidize fruits and vegetables(NOT. FUCKING. CORN.), introduction of state banks(ie. Bank of North Dakota) which allows for a far better loaning system, and introduction of better welfare programs that don't rely on simply the practice of handing out food and money and expecting shit to work out. Amending the United States Constitution to include: "Americans and Non-Americans alike are guaranteed the rights of Life, Liberty, and the Pursuit of Happiness" so that we can have a reasonable argument for a safety net program. Finally, restructuring the current political situation so that people have a chance of creating 3rd Parties which would better represent the interests of the people. We need a rethink American Capitalism as a whole. Capitalist can all agree that without a consumer, they are nothing... Why kill your consumer or leave your consumers to die in the street? More importantly, why let your fellow capitalist or rather your fellow Americans die in the streets when they could prove to be asset to you in the future? By mixing Capitalist and Socialist theories, we can create a society that is suited to ensure growth within the Service Sector as well as Agrarian Economies. Ensuring that our fellow countrymen do not die in the streets, and the rights of the people are guaranteed so that they are able to create their own living.

How about: [IMG]http://i62.tinypic.com/4q3eq8.jpg[/IMG] There, I solved the economy. [editline]3rd March 2014[/editline] Rawls eat your heart out

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] what? how is pumping loads more money into the economy bad for it? stagnation is bad for the economy and having minimum wage jobs being the source of income for plenty of plenty of workers (despite popular belief, young adults and middle age people are starting to take up more minimum wage jobs) makes money tight. It mostly affects small businesses which dont really make up for most of the jobs in the US and this restriction on spending is probably hurting them more since theres less money for more luxuries/service providers.

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] Reduce the cost of living. [editline]3rd March 2014[/editline] [QUOTE=bigdandyd;44117449]I have friends that work their asses off in the oil field making $15 an hour. How would they feel if some dude at mcdees makes the same ammount?[/QUOTE] I wasn't aware that helping out people in absolute desolate poverty should be stopped because someone else's feelings Also, it can be fucking hell to flip burgers, especially if you work at a busy joint.

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences.[/QUOTE] Like what? I see this stupid post made all the time. Why raise the minimum wage at all if it's always a bad idea?

[QUOTE=katbug;44117611]Reduce the cost of living.[/QUOTE] that'd almost be the same as increasing minimum wage

[QUOTE=seano12;44116390]Anyone with a basic understanding of economics knows that raising the minimum wage will have some serious consequences. There has to be a different way to better the lives of Americans, but what?[/QUOTE] raising minimum wage by a little at a time doesn't have really any bad consequences, doubling the minimum wage on the other hand does

[QUOTE=JoeSkylynx;44117499]A job migration program which aids the unemployed finding jobs across the country: Two years of [I]Trade School[/I], nationalized healthcare so that people don't get fucked over by monster bills on minimum wage, restructure of the current agricultural situation to subsidize fruits and vegetables(NOT. FUCKING. CORN.), introduction of state banks(ie. Bank of North Dakota) which allows for a far better loaning system, and introduction of better welfare programs that don't rely on simply the practice of handing out food and money and expecting shit to work out. Amending the United States Constitution to include: "Americans and Non-Americans alike are guaranteed the rights of Life, Liberty, and the Pursuit of Happiness" so that we can have a reasonable argument for a safety net program. Finally, restructuring the current political situation so that people have a chance of creating 3rd Parties which would better represent the interests of the people. We need a rethink American Capitalism as a whole. Capitalist can all agree that without a consumer, they are nothing... Why kill your consumer or leave your consumers to die in the street? More importantly, why let your fellow capitalist or rather your fellow Americans die in the streets when they could prove to be asset to you in the future? By mixing Capitalist and Socialist theories, we can create a society that is suited to ensure growth within the Service Sector as well as Agrarian Economies. Ensuring that our fellow countrymen do not die in the streets, and the rights of the people are guaranteed so that they are able to create their own living.[/QUOTE] - Apparently having to fill out a form if you're unemployed, and therefore potentially having to be re-located out of state. What about friends and extended family, or the fact that some people may not want to move somewhere unfamiliar? - Hotel access for up to three months, free of charge to you, paid by the government. Oh dear - Government paying at least half for a family to potentially be moving from say east coast US to west coast - Minimum wage set by whichever Federal bureaucrat who sees your form (you literally say that they will 'judge' your experience, rather than compare your experience to existing standards) And the only way you're going to have third parties in politics is with proportional voting systems, so a complete overhaul of the US voting system pretty much (it wouldn't be as simple as something like upgrading from plurality voting to instant runoff voting - which would still be a two-party dominated system, that's for sure).

[QUOTE=viperfan7;44117708]raising minimum wage by a little at a time doesn't have really any bad consequences, doubling the minimum wage on the other hand does[/QUOTE] I think Truman heard that a lot in 1948. [URL="http://www.huffingtonpost.com/2013/08/28/minimum-wage-doubling_n_3819478.html?utm_hp_ref=business"]http://www.huffingtonpost.com/2013/08/28/minimum-wage-doubling_n_3819478.html?utm_hp_ref=business[/URL]

I absolutely love Buffett, he's always constantly fighting for social and economic reforms that help normal people and the poor. [editline]3rd March 2014[/editline] Maybe he's just at the point where there's no real possibly way or reason why he'd need more money :v: Or a way to lose it all, for that matter. Bill Gates is in the same boat. In fact, they're best buds.

[QUOTE=DOG-GY;44116485]as if that will ever happen[/QUOTE] [url]http://www.theguardian.com/business/2013/mar/07/john-lewis-bonus-17-percent-2012[/url]

[QUOTE=Monkah;44117110]Small businesses should get lower minimum wage requirements than huge corporations, IMO. Would solve that problem rather easily and actually seems to be a fair compromise.[/QUOTE] This will cause small businesses to have trouble finding employees. Any sane person will go after the higher wage.

[QUOTE=SgtCr4zyGunz;44117678]Like what?I see this stupid post made all the time. Why raise the minimum wage at all if it's always a bad idea?[/QUOTE] Lower demand for labor and high supply of labor. Basically people get laid off because businesses can't afford to pay their workers anymore because it ends up costing them too much. This is detrimental for small businesses, and is still a problem for medium and large businesses too. More unemployment, which means less consumer spending, which means little to no growth, which means stagnant economy. Things are bad enough, let's not make them worse.

[QUOTE={TFS} Rock Su;44116474]Splitting the profit amongst your workers?[/QUOTE] Company makes a profit thanks to ALL the workers not just managers so that to me sounds the most fair and logical conclusion, such a way as if businesses were bitching about it they could do it by a % based on how much profit vs spending.

[QUOTE=Source;44118079]Company makes a profit thanks to ALL the workers not just managers so that to me sounds the most fair and logical conclusion, such a way as if businesses were bitching about it they could do it by a % based on how much profit vs spending.[/QUOTE] iirc some companies already do stuff like that. For example, being given shares which they receive income from if a dividend is announced, or simply the company offering all employees a bonus from profits on a regular basis.