I think the normal figure is that about 55% of households hold some sort of stocks. But of course how much stock and how significant those holdings are for personal finance vary a lot.
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Another way of articulating my point might be that the current federal wage is so bad that it makes $15 *in 2025* seem a lot more unreasonable for South Dakota than it actually is. Minimum wage workers are starving there too.
I mean, sure. The perpetual danger with price floors on labor is that you risk closing out low productivity workers from the market, which blocks them from becoming high productivity workers.
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In essence, the 'sawing the bottom rungs off of the ladder" problem. That problem is going to be a lot more acute, obviously, in parts of the country where people start lower on the ladder in absolute dollar terms by virtue of the local economy.
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We've already gotten a far-too-big divide between regions with lots of economic dynamism and regions with very little. I worry that raising the minimum wage so high will make this problem worse and as a result, not help all of the people it should help.
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