For sure, we're going to have differing opinions based on life experiences, data consumption, and the resulting mental models. Outcomes are going to be driven by voting (politically) and unions. With union support being at the highest in history in the US, along with rapid electorate turnover (4M 18 year olds aging into voting each year, ~2M 55+ annual age out rate of voters), I'm hopeful workers will be able to secure a greater piece of the value they generate (through a combination of wages continuing to be pushed up and a shorter work week) at the cost of those currently holding substantial assets and wealth. There will be some inflation, that is inevitable due to the US freeloading on substantially underpaid labor for so long it has become accustomed to it (the federal minimum wage is laughably at $7.25/hr for example [1]) as well as structural demographic compression of the working age cohort. Lots of macro unwinding that is going to be painful due to the poor economic choices made over the last half century. Importantly, most people under 30 didn't have a hand in shaping these poor choices.
> If one truly wanted to help those who are hurting the worst, this is completely ass-backwards. It seems designed to make those who are already comfortable a little more so.
Very broadly speaking, the very wealthy have enough [2], and can make due with less. Tax them more if necessary [3]. Those hurting the worst are hurting because of greed and selfishness of a minority, not workers who have been taking it on the chin for decades. But, most unfortunately, the mental model that gets you wealthy heavily discounts luck and overemphasizes individual exceptionalism [4] [5], so these folks aren't self aware enough to come to the conclusion on their own, leaving collective action and the legal/political system as the most likely path to success.
Again, the productivity already exists. Where do you think all of this accumulated wealth is coming from?
[1] https://www.epi.org/minimum-wage-tracker/ ("The federal minimum wage has not been raised since 2009. In the absence of action at the national level, many states and localities have raised their own minimum wages. Explore the map to see how these rapidly changing laws differ across the country. Values as of July 1, 2023")
[2] https://www.oxfam.org/en/press-releases/richest-1-bag-nearly... ("2023: Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years")
[3] https://www.youtube.com/watch?v=P8ijiLqfXP0 ("Rutger Bregman tells Davos to talk about tax: 'This is not rocket science'")
[4] https://blogs.scientificamerican.com/beautiful-minds/the-rol... ("The Role of Luck in Life Success Is Far Greater Than We Realized")
[5] https://news.ycombinator.com/item?id=37419334