An excellent and well structured analysis. May I suggest there's an additional element that must be considered in order to tease out best approach

Difficult as it is to balance the complex matrix of equality, opportunity, income and wealth for best socioeconomic effect, technology is disrupting economic cause and effect especially with regard to the supply/demand curve of labour. Specifically human labour.

For example, look at the decades long dispute over raising the minimum wage. Fifty years ago an increase in minimum wage could be effective in raising the aggregate level of income at the low end of the income scale. Employers had very few options for mitigating such an increase. They needed labor to produce goods and services and except for tweaking at the margins, raising prices was the logical move to make. We had not yet reached the point where technology could enable wholesale devaluing of human labour. Today, however, raising the minimum wage increasingly results in employers making a new calculation. Replacing human workers with combinations of machine labour, artificial intelligence, and other efficiencies designed to reduce cost and increase profit.

Remember when you used to put coins in parking meters? Or... when there was always a parking attendant taking payments as you exited the parking garage?

We have to accept the fact that increasingly, machine labour is being substituted for human labour and that this trend is not going to reverse. It will, instead, accelerate resulting in more migration of wealth to the owners of capital.

Any effective policies must consider a world where the bulk of income is increasingly "earned" by machines, not people.