Why Warren Buffett’s 2016 call for fair pay still matters in 2025

The federal minimum wage in the U.S. remains stagnant at $7.25 an hour, unchanged since 2009. While some states have raised it independently, millions of Americans continue to struggle with making ends meet, even when working full-time jobs.

Back in 2016, shortly after Donald Trump’s first presidential victory, Warren Buffett spoke with CNN about income inequality, wages, and ensuring that full-time workers don’t fall into poverty. Nearly a decade later, his comments remain just as poignant.

“In a Super Rich Country, 40 Hours Should Be Enough”

Buffett, one of the world’s wealthiest individuals, has consistently argued that a full-time job should guarantee financial stability. He stated it plainly in that interview:

“We have to make sure that in a super rich country, anybody who’s willing to work 40 hours a week has a decent living.”

This concept seems straightforward: work full-time, and you should be able to cover basic living expenses like rent and groceries. But in 2025, the gap between the ultra-wealthy and everyday workers remains vast, with many still holding multiple jobs just to get by. Buffett’s words remain as relevant as ever.

Why Not Just Raise the Minimum Wage?

Buffett has faced repeated questions about whether raising the minimum wage is the solution, and his answer is anything but simple.

“It’s the hardest question I’ve been asked because I don’t know the answer,” he admitted in 2016.

While Buffett supports higher wages, he is also wary of potential unintended consequences.

“If you tell me I’ve got to run a business that pays $15 an hour in many industries, I’m going to employ fewer people than before,” he explained. “I don’t want to employ fewer people; I just want that person to make $15 an hour.”

It’s an age-old economic dilemma: higher wages would improve workers’ pay, but businesses might respond by hiring fewer employees or cutting back on hours to manage costs.