We need to come together as a society and come up with a grand bargain that suits and works for everyone (or nearly everyone), or else we as a society will implode. My proposal, at least for starters below. I realize in advance that this is highly unlikely, pie in the sky, and I'm being incredibly idealistic.
US Corporate Profits have surged +36% since 2019, at a record $2.7T as of 2021, versus pre pandemic levels of $2T. I propose a great reset. Reset corporate profits back to pre pandemic levels as a new starting point as a society:
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Raise wages for most working Americans by 10-20%, on a sliding scale based on income. Given the current average wage (per worker, not per household) is around $35,000, this should raise wages by thousands-tens of thousands of dollars per year.
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Increase the minimum wage to $16 by 2025 (This still isn't high, but it's far better than the $7.25 last changed 18+ years ago and raises the floor), then index it to inflation and readjusted automatically every 5 years.
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Reaffirm and commit to the solvency of Social Security and Medicare (no gimmicks like “vouchers” or raising the retirement age), and renew our promise that future retirees who spend a lifetime working will see no benefit cuts.
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Embark on an “Apollo Program” like initiative to get willing and able Americans trained, educated, and up to speed with the demands of a 21st century workforce, and include significant investment in non-college professions as well (e.g. trades). Costs of education should be addressed as part of this.
I'm aware the powers that be will never go for this. But long term I really believe we'd all be better off with this investment.