In the mind of business analyst Gary B. Smith, the only way the American economy will recover is "to ditch the minimum wage."

Appearing on Fox News' Bulls and Bears Saturday afternoon, Smith was not holding back in his disgust on a key component of employee law. "Minimum wage is nothing more than a form of price of control," he said. "So it's not just wrong to say middle wage is good. It's irresponsible, particularly in this economy."

WATCH: Video from Fox News, which appeared on September 3, 2011.