The Economics Associated With the Gun Industry and Gun Laws in the United States

The Economics Associated with the Guns in the United States
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The Economics Associated with the Guns in the United States
The United States (U.S.) is one of the countries dealing with guns and related laws. The essay discusses the economics linked to guns in the U.S. using two distinctive reports. It specifically recognizes the strongest and weakest, their externalities, and the ideas that might influence how society must decide on the gun topic in America.
The specific report on the economic toll of gun violence makes the strongest argument on gun economics. Most importantly, guns cause more harm to the economy and citizens’ well-being than good. The Joint Economic Committee Democrats (n.d) argue that it is nearly impossible to calculate the loss that gun violence causes to victims, families, and society. Still, gun violence’s impact penetrates the country’s economy measurably. The economic toll leads to expenses and lasting effects for most families. The report also claims that most studies likely undervalue the violence’s economic toll by leaving some unaccounted-for or undercounted costs. However, identifying the known expenses is vital because it highlights insights and understanding the comprehensive details about gun violence, its economic effects, and losses to the people. The violence leads to more than $1 billion in yearly direct healthcare budgets for those affected and their families. Also, the Government Accountability Office’s survey established that firearm-based injuries trigger about 30,000 in-patient hospital stays every year. Each of these stays amounts to $31,000 and 50,000 emergency room visits, each averaging $1,500. Therefore, the country should propose ideal laws discouraging gun violence and reducing the economic toll.
On the other hand, the report on the economic contributions of the gun industry projects the weakest arguments. Though the gun industry's economic benefit is relatively significant, it cannot surpass the gun violence’s economic toll related that affects most individuals. The 2022 Firearm and Ammunition Industry Economic Impact Report noted that the American organization that creates and distributes firearms, such as guns and ammunition, employs more than 169,523 residents and helps make extra job opportunities within the auxiliary industries. The jobs created mainly include distributing products and services to distributors, retailers, and manufacturers. According to the report, the jobs are better as they pay $56,900 on average in salaries and benefits. The country’s unemployment rate is 3.8%; it implies that more than six million persons are still looking for jobs in the state and going for unemployment welfare. The report added that every job ...