What Economic Concept is being described in this article? Explain the pros and cons of this type of government regulation (you may use a graph to illustrate).

Obama throws support to minimum wage movement in economy speech

http://www.theguardian.com/world/2013/dec/04/obama-support-minimum-wage-inequality-speech

Barack Obama warned thata "relentless, decades-long trend" of growing inequality and social immobility posed a fundamental threat to the American dream on Wednesday, throwing his support behind a grassroots movement to address chronically low wages across the US.

In a speech delivered in one of the poorest areas of Washington DC, Obama said: "The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life and what we stand for around the globe."

The federal minimum wage currently stands at $7.25 an hour, or about $15,000 a year. Obama renewed his call for it to be increased, and has already indicated he will back a Senate measure to increase the minimum statutory pay to $10.10.Republicans in the House oppose the measure, which they say would be harmful to business.