xXBatmanXx wrote on Mar 5, 2014, 14:41: I respect Buffet for what he has done in the media and speaks against the class warfare. Having many friends who work service industry, gotta respect his attitude of $15.00 min wage (I personally don't agree - but I have to respect it).
I used to be against a min wage increase but after more research I've completely turned around on it. When you look at how little wages have increased relative to inflation and contrast that against the massive rise in wealth disparity (executive compensation has gone through the roof for example) there can be no doubt that the middle class need help. The dual income lower middle class especially is really in trouble and that means their kids are in bigger trouble. Higher minimum wages tend to provide an economic surge as well, middle class spending is the primary driver of the economy. I'm all for a minimum wage increase, I'd prefer it would be for larger corporations who can afford it instead of Mom & Pop type stores. The problem there is they have effectively no political representation these days and corporate lobbies literally shit money everywhere.
The biggest problem I think that would occur are massive layoffs as companies try to avoid that initial hit.
That right there is the problem. Corporations start cutting with their workforce despite executive compensation being totally ridiculous. Profit and at the top enrichment over all other concerns.