That said, if one had money sitting around, the basic performance of stock index funds - not picking individual stocks, just index funds - has been fairly good. So it's not a bad bet assuming one recognizes at the outset that they don't have any special knowledge or skill and..
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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.
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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By contrast, a big boost to the EITC would put money into those economically weaker regions of the country, potentially helping them to become more economically dynamic and successful.
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