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TANF and Labor Supply.
Terence has an hourly wage rate of $10 and 2,000 hours to spend on either labor or leisure.
a) Graph Terence's budget constraint with no welfare.
b) The government wants to introduce a TANF program with a benefit guarantee of G = $10, 000 and a full benefit reduction rate t = 100%. Graph Terence's new budget constraint. What might this do to Terence's hours worked? Consider multiple scenarios.
c) In an attempt to reduce moral hazard, the government changes the TANF program to a benefit guarantee of G = $10, 000 and a benefit reduction rate t = 66.67%. (As a fraction, t = 2/3 ). Graph Terence's new budget constraint. What might this do to Terence's hours worked? Consider multiple scenarios.
d) Describe how your findings relate to the iron triangle of welfare programs.
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