Warren Buffett says minimum wage hike could hurt jobs

Billionaire Warren Buffett said he’d love to see minimum wage double, but that a hike could hurt jobs.

Buffett weighed in on the minimum wage debate on CNBC Monday morning.

“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.”

The investor added that he would not be opposed to President Barack Obama’s proposal to increase the hourly rate to $10.10 from $7.25.

He also opined about Earned Income Tax Credit.

“The Earned Income Tax Credit I think is much clearer,” Buffett said. “That puts more money in the pockets of people earning low wages and that’s what I’d like to see.”

The Huffington Post, notes that a study from the Center on Budget and Policy Priorities estimated that expanding the EITC by lowering the age of eligibility for workers that do not have children would bring some 300,000 Americans out of poverty.

The 83-year-old Buffett is the brother of popular singer Jimmy Buffett and is widely considered one of the most successful investors of the 20th century.

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Michelle Kapusta

At Large Senior Editor, Temple University graduate, Philadelphia resident and avid sports fan.