To detect subsidies’ downside for social justice, you must dwell on the opportunities the poor have lost because of credential inflation. When most Americans didn’t finish high school, dropouts faced little stigma in the labor market. The stigma is now severe. When few Americans finished college, high school grads could plausibly work their way up the corporate ladder. No longer. The main difference isn’t that “the economy changed,” but that education rose, so workers need higher credentials to compete.
