Jared Bernstein is a senior fellow at the Center on Budget and Policy Priorities. Bernstein was the chief economist and economic adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama's economic team. Prior to joining the Obama administration, Bernstein was a senior economist and the director of the Living Standards Program at the Economic Policy Institute in Washington, D.C. Between 1995 and 1996, he held the post of deputy chief economist at the U.S. Department of Labor. He is the author and coauthor of numerous books including his latest book, The Reconnection Agenda: Reuniting Growth and Prosperity. Bernstein has published extensively in various venues, including the New York Times, Washington Post, and the Financial Times and is an on-air commentator for CNBC and MSNBC.
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The system tends to offer up minimum wage increases that it can absorb without distortions.
Analysis of the historical record shows that increasing the minimum wage has its intended effect of raising the earnings of low-wage workers who need the raise without harming their employment prospects.
Ive always thought the national minimum wage is a lot more important than most people tend to think.
Which helps low-income people the mostthe minimum wage or the Earned Income Tax Credit? Its a false choice. Together, these two programs balance the social cost of low-wage work between taxpayers and low-wage employers.