In Chapter 6 of the textbook, read “Why Market Forces Will Overwhelm a Higher Minimum Wage” by David Neumark then read the following Forbes’ article. While some information in the article is less current such as the anticipated Biden bill which has been outlined, the article provides a comprehensive history about the minimum wage.
After reading both articles, answer the following prompt based on the first letter of your first name. For example, my first name is Tammy and first letter starts with a T; therefore I would answer Prompt 2.
1.Suppose you are an economist in charge of designing policy to help low-wage workers. Would you prefer a minimum wage or an earned income tax credit? Why?
2. Suppose you are a politician running for office. Would it be easier to campaign on a platform of a higher minimum wage or a more generous earned income tax credit? Why?