Hr 1010 Research Paper

There are many politicians, economists, states, advocacy groups, think tanks, and workers who think that the Federal minimum wage is too low, and should be raised. It is a controversial idea however, because there are also many economists and politicians that argue that any increase in the minimum wage would be harmful to the economy. The two factions on the issue of whether or not to adopt H.R. 1010 form two pretty clear policy camps: The first is that the government should Pass H.R. 1010 for economic reasons, as they believe that raising the minimum wage would result in a net benefit for the economy, and the second that the government should adopt H.R. 1010 for economic reasons, as they believe that raising the minimum wage would result in a net cost, or harm to the economy. Both policy camps claim to want …show more content…
They merely vehemently disagree on how best to bring about solution to those problems, and they both believe opposites on the question of whether or not to pass H.R. 1010. The basic outlines of the narratives of each policy camp proceed as such:
Beginning with the second policy camp, the opposition to H.R. 1010 because it is viewed as “economically classical”. The first belief in this policy camp’s opposition to passing H.R. 1010 is that any increase in the minimum wage would lead to higher unemployment. This argument rests on the basic economic theory of supply and demand applied to the labor market: that if a business is forced to pay its workers more, it can’t afford to have as many workers. A second argument many economists use against raising the minimum wage is that it would lead to inflation. This