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What stumps Warren Buffett? Minimum wage - Higher Wages for American Workers
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Raising the Minimum Wage for Working Men and Women in California and the Rest of America

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What stumps Warren Buffett? Minimum wage

By Katie Lobosco • CNN/Money • April 24, 2014 • 400 Words

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Should the federal minimum wage be raised? It’s a tough question, even for business magnate Warren Buffett.

“I thought about it for 50 years and I just don’t know the answer on it,” Buffett told CNN Wednesday. “In economics you always have to say ‘and then what?’ And the real question is are more people going to be better off if it is raised,” he said.

Buffett also said that the current federal minimum of $7.25 is not a living wage. If raising it didn’t hurt employment he’d want it up significantly higher. “You do lose some employment as you increase the minimum wage, if you didn’t I would be for having it $15 an hour,” he said.

Many states and cities have recently raised their minimum wage rate above the federal minimum and President Obama is pushing for Congress to raise the nationwide rate to $10.10 an hour.

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• Category: National, Notable