...also that you have, you know, liquid capital to put into the stock market. Which is a whole separate problem that no amount of market highs can fix.
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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.
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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But, I mean, let's not fool ourselves. We're not doing minimum wage because it's the smart intervention. It isn't and never was. We're doing minimum wage because the costs with it are politically invisible and fall heavily on marginally politically involved (poor) people.
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