Warren Buffett is certainly one of the most successful Capitalists, and he says we need to make some changes.
Proposed: Let’s consider what Warren Buffet has to say.
In an article from MoneyWise, Mr Buffet points out that people at the bottom of the capitalist pyramid are feeling the squeeze. He also points out that younger voters tend to view the Free Enterprise system upon which America is founded from an increasingly jaundiced and skeptical perspective. The best and highest paying jobs go more and more to highly specialized workers, which leaves too many in the bargain basement of Capitalism.
My Conservative friends will be glad to note that Mr. Buffett does not recommend raising the minimum wage as a solution. “I believe in having a higher income for people — not necessarily a higher minimum wage,” Raising the minimum wage would certainly lead to increases in the unemployment rolls.
Mr. Buffett instead recommends one or both of two possibilities: Increased income tax credits at the bottom of the pyramid and/or increased taxes at the top.