Warren Buffett said on CNBC Monday he would not hesitate to vote for fellow billionaire and U.S. Democratic contender Michael Bloomberg.
The process of determining which Democratic candidate will take on U.S. President Donald Trump in the 2020 election remains ongoing and Sen. Bernie Sanders appears to be the frontrunner. Buffett said in his annual CNBC interview that he doesn't want to "get into handicapping the race" but did say he agrees with Sanders in some areas.
Buffett agrees with Sanders' promise of better helping Americans who have been "left behind by our capitalist system." There is a population of Americans whose "talents aren't geared to a market economy" and no one should be left behind.
Of course, the capitalist system has been working "wonderfully since 1776" and shouldn't be tampered with.
Why It's Important
Given the choice between Sanders and Bloomberg, Buffett said he would have "no trouble" in supporting the ex-New York City mayor.
"I do not believe in messing up our system of developing output," he said. "I do believe anyone who is willing to work 40 hours a week and has a couple of kids should not have to have a second job."
A $15 minimum wage is reasonable although, through changes to the income tax system, Buffett said.
"There's all kinds of aspects of capitalism that need in some ways to be regulated," he said. "But I don't believe in giving up the capitalist system."
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