We made very similar mistakes with college education and housing. Both things that we’d like people to have more of, in theory.
In both cases the government provided massive subsidies in the form of loans and tax breaks.
That does wonders for the demand side. However the government didn’t find a way to increase supply (esp of the good stuff) at the same rate nor did they find a way to prevent the excess profits generated from falling into the same few hands.
So what did we get? A seemingly endless cycle of price growth.
In both cases the government provided massive subsidies in the form of loans and tax breaks.
That does wonders for the demand side. However the government didn’t find a way to increase supply (esp of the good stuff) at the same rate nor did they find a way to prevent the excess profits generated from falling into the same few hands.
So what did we get? A seemingly endless cycle of price growth.