Warren Buffett is so phenomenally rich that comparison with mere mortals is silly. But there is a vast, and relevant, disparity between the average working-class American and the average, run-of-the-mill American millionaire. Buffet thinks the disparity is a problem, but thinks that raising the minimum wage — the most commonly-suggested solution — is more likely to hurt the poor than to help them. He’s not the first to suggest that a better solution lies in a tax credit for low-income earners. But his name, and his famous talent for finance, might get some people to listen. >>>
“I don’t have anything against raising the minimum wage but I don’t think you can do it in a significant enough way without creating a lot of distortions,” … [and those distortions] …“would cost a whole lot of jobs,” Buffett said…..