Increasing skilled trades pay will do nothing. As someone in the trades whether your paying me 50$ a hour or 100$ a hour it doesn’t change how much work I do.
What you need to do is make the training/apprenticeships more accessible. It is extremely difficult to get apprenticeships in this country. Even if you get one most employers aren’t interested in training only getting you working on one specific task and ignoring the rest.
Do like the UK did in the 60s, have students who are 16 start apprenticeships instead of finishing highschool (gasp, no requirement to get the GED? Whatever shall we do). Make it government run and no requirement for employers to hire you after completion. Make apprenticeships union exempt so as to ensure the youth are getting into them instead of the 59 year olds.
Throwing money at the problem does nothing, actual planning and leadership does. The classic boomer approach of throwing cash at it doesn’t create tradespeople and won’t solve the problem. Too many short sighted people around to make that happen.