The alternative is extremely straightforward - ramp up public spending on infrastructure and social services and increase the minimum wage.
You can do this essentially without any inhibitions to growth until inflation hits about 7%.
Downside : it'll get a lot of very wealthy people seeing red and will scare upper middle classes who are more used to their security being provided by assets rather than social services.
You can do this essentially without any inhibitions to growth until inflation hits about 7%.
Downside : it'll get a lot of very wealthy people seeing red and will scare upper middle classes who are more used to their security being provided by assets rather than social services.