Significantly increasing the minimum wage tends to increase inflation - so I don’t think the people funding the political campaigns are going to allow any real movement there. Same for greater corporate taxation or big increases in capital gains tax.
What would happen if we lowered the corporate tax rate by X% for businesses with more than a certain number of employees in the US, but at the same time required them to distribute ALL of that X% evenly to their employees through a profit sharing plan?
The employees would get an effective raise, and at the same time be motivated to improve profitability for the company. The ones paid the least before the profit share would be less likely to require government assistance. They would also be spending their share, thus stimulating the economy.
Now that I think about it, more people with more money to spend also tends to increase inflation, so we are probably back to square one, unless we can take the influence of the wealthy out of the political process in the US.
I am still interested to hear what others think of this idea, pie in the sky though it may be…