Warren Buffett describes the American nightmare in which full-time workers remain financially strained despite years of hard work. The issue isn't laziness; it affects those who juggle multiple jobs and still struggle financially. Buffett advocates for the earned income tax credit (EITC) as a solution to boost the paychecks of low- and middle-income individuals through the tax system, which data supports as lifting millions out of poverty without harming jobs or small businesses. The wealth gap persists, with the bottom half of Americans owning only 2.5% of the nation's wealth. Follow Benzinga for more insights on financial disparities.
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00:00Warren Buffett calls it the American nightmare, working full-time and still broke.
00:04Even after decades of hard work, millions of Americans can't catch a break.
00:08One flat tire, one ER bill, and it all falls apart.
00:12Buffett said this isn't about people slacking off.
00:14It's the parents juggling two jobs, the folks doing everything right and still falling behind.
00:19His solution? Not just higher wages.
00:21The earned income tax credit, boosting low- and middle-income paychecks through the tax system.
00:25The data backs him up. A strong EITC can lift millions above the poverty line without killing jobs or burdening small businesses.
00:32The wealth gap has only gotten wider.
00:34Today, the bottom half of Americans hold just 2.5% of the country's wealth.
00:39Buffett called the imbalance way out of whack a decade ago.
00:42It still is.
00:43Follow Benzinga for more stories on money, power, and the people stuck in the middle of it.