To reinforce something I said in comments below and something I’ve been saying around here for some time, I honestly don’t know how we’ll manage to dig ourselves out of the hole we’ve been digging ourselves into for the last several decades. In my view we’re enormously over-invested in housing, healthcare, retail, finance, defense, and education. We’re giving massive subsidies to housing, healthcare, retail, finance, defense, and education and, as we should expect, we get more of them or, at least, those in them get paid more. Practically all of the job growth over the last decade has been in housing, healthcare, retail, finance, defense, and education.
Unless we take as long to dig ourselves out of the hole as we took to dig ourselves in, the amount of dislocation in the economy as a result of any change will be enormous. Unless we start undoing the harm we’ve done soon the damage we’re doing may be irreparable. It may already be irreparable.
Subsidies distort the marketplace and when you apply them for long enough the economy looks no more like the real unsubsidized economy would than your image in a fun house mirror looks like you. Only it’s not the reflected images, our perceptions, that are being distorted but the underlying objects themselves that are being tortured out of shape.