Guest: Harry Veryser, Instructor of Economics
Topic: Economist Slams Obama’s Call For A Minimum Wage Hike
The Real Side February 28, 2013
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Joe Messina’s guest today was Professor Harry Veryser who is an instructor of economics at the University of Detroit Mercy.
Professor Veryser received his undergraduate degree in Philosophy and Economics and two Master of Arts degrees in Economics and Religious Studies from the University of Detroit.
Joe had Professor Veryser to talk about President Obama’s recent call to raise minimum wage. Joe disagrees with this recent call.
“President Obama said that raising the minimum wage to $9 would help,” Messina said. “If he (President Obama) thinks that $9 is going to save us, he’s out of his mind.”
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Joe talked about the places that offer minimum wage have a margin that they have to hit in order to stay open.
“Places like Burger King, McDonalds have a margin that they have to hit and it’s not a greedy margin it’s what they need to make in order to keep the doors open and places that pay minimum wage will have to start laying people off.”
Professor Veryser is worried about the direction that the country is going.
“Not only are we hiring older people now because teenagers can’t get jobs but those youngsters won’t be able to get the skills necessary to move on to the next step,” Veryser stated. “What this means is the economy will become less productive, it means these folks are going to be unemployed, and we are building an underclass that cannot get skills and rise up the ladder.”
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