Warren Buffet: Fighting Income Inequality with the EITC

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By Prof. Chris House PhD
Ann Arbor Michigan

[Associate Professor of Economics at the University of Michigan]

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Warren Buffet’s article in the Wall Street Journal reminds me of some postsI wrotea while backon fighting income inequality. His article contains a lot of wisdom. Some excerpts:

The poor are most definitely not poor because the rich are rich. Nor are the rich undeserving. Most of them have contributed brilliant innovations or managerial expertise to America’s well-being. We all live far better because of Henry Ford, Steve Jobs, Sam Walton and the like.

He writes that an expansion of the minimum wage to 15 dollars per hour

would almost certainly reduce employment in a major way, crushing many workers possessing only basic skills. Smaller increases, though obviously welcome, will still leave many hardworking Americans mired in poverty. […]  The better answer is a major and carefully crafted expansion of the Earned Income Tax Credit (EITC).

I agree entirely and so would Milton Friedman.

Unlike the…

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