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WWL>Topics>>2-24 8:15am Tommy, minimum wage

2-24 8:15am Tommy, minimum wage

Feb 24, 2014|

Tommy talks to Peter Morici, an Economics Professor at the University of Maryland, about what increasing the minimum wage would do

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Automatically Generated Transcript (may not be 100% accurate)

Johnny Tucker -- WL delighted to have a friend of ours speed -- C on economics professor at the Robert H Smith school of business and the University of Maryland and it was time is valuable so. Let's get right to a good morning professor how are -- Our primary -- good tell me about the gap raise in the minimum wage nine dollars June 2 when he 1410 dollars and June when he fifteen. Wal-Mart says they're considering it but they're neutral because most of their full timers make. Higher in the net. For his salary and and -- hourly rate I guess so what happens is gets passed along the customers economically speaking does. They gap then attract better employees give me your take on all of this. Well raise in the minimum wage doesn't actually attract better employees. Great thing that. In line with inflation in the last time there was increase was 2009 did. It's 725 to bring it to say the quarter which is a little bit more. Wouldn't have much of an effect than anybody. Corporate cure rate its deterrent and an hour those Wal-Mart employees that make nine. Would like ten and making ten would want more than that. So there would be general writes in place and that's when the reasons that the CBO out. That they would -- widespread benefits so to speak. However you loose by -- 100000 jobs 500000 jobs from the least among those that you know it's such a high school students. There're there are people making you know seven quarter an hour right now and our nine dollar an hour they would lose their jobs. I can machinery you know -- checked out you see it that CVS it's -- Stanley or and -- -- you know that you're there you exploit -- -- epidemic normalcy just walked in approaching your order. Mean it would be hard to do that. And so will we achieve that we also see some some burger kings and the like close. The only job losses and and it's not that it's not a game. So in terms of price increases as it is it tantamount to taxing a business where you really can't because that consumers can wind up paying for. Well I don't know how are you -- McDonald's. If you don't rate since the parts of a hamburger is they have been you know you know -- -- birders say -- expel them. Now if you weren't minimum wage and Kenya took in about another one that you go on the price of that. Given the amount that it's. It's -- labor net cost. If you're wondering that they -- -- the -- you know these -- -- corporations big crop it's our -- it's that they cover that much more. They would -- at the rate prices to go out of business so a lot of benefits would go like that after all we can -- most. But low income people -- enumerate. Each album. And there are higher price since. And I mean that everybody that higher wage would be better or that some of the pictures and then some of the people some of them would be. But also a lot of people would work so. Stacked to the old maxim in economics -- -- the launch. This economy is not generating jobs. That's why you can get people to seven quarter an -- we've been averaging 30000 jobs a month. Bush both the bush and Obama years that's simply not enough. One out of every six adult men is unemployed. The situation is really detectors. Which -- to president who's running from its record. Would be -- sounding. Proposals which are intended to -- tension. Around this poor performance. So -- audiences in terms of jobs and job creation -- job loss idea that we fix it Heidi get the net and through the economy letting the economy work itself out. How -- new jobs come about that are higher paying well people. I think you know the president because I think I'm about this -- that -- -- You need to start drilling for oil in the gulf so that you can't see you need to finally the -- problem with China that -- dollars terribly overvalued. Which quarter actually I'd destroy a lot of lower skilled jobs in the United States and manufacturing jobs. Are you need to streamline regulations so that it took back. It would not overly burdensome it's getting more and more difficult to do anything in this country yet it is something about the banks which -- right. The banks are awash with credit on Wall Street -- -- -- -- speculation. But mainstream banks don't have enough money you know and that's arteries that count and they'll adapt. So you know these are the kind of thing this administration doesn't wanna do like the ideological -- or political reasons ideologically it it just let them believe. That drilling for oil and united say it's a good thing it would rather important from terrorist elements in the Middle East. And it doesn't believe that you know regulation over overly cumbersome decision which you get when people who never expected that -- earning a living. And from a political perspective. I mean I think they recognize. That there were a -- elements still on Wall Street. Like Chuck Schumer -- lots of money the democratic candidates up there and basically -- -- ever -- and the Democrats get a commission. Doctor we gotta go I appreciate you timing and follow -- memories he had PM RI CI one correct. -- -- -- -- -- -- -- -- -- -- -- -- -- --

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