Weatherhead’s William S. Pierce talks about challenges of raising minimum wage

$12 vs. $15 minimum-wage debate continues between economists, experts, politicians
The Plain DealerWilliam S. Pierce, professor emeritus of economics, talked about the challenges of raising the federal minimum wage to $12 or 15. “Basically, an employer hires somebody if he thinks the work that person does will yield the company some net income after he’s paid the other expenses,” he said. “If you raise the wage, then the question is how is that employer going to get more net income out of the person.”