This is all right on, but I would add one important point. Which is that some people cannot be retrained. It's the rare fifty year old who can adapt to a whole new field, learn all the theory and practice all the application, and then successfully compete against people half his age to land those entry-level jobs.

If our economic system puts people in such a position through no fault of their own and they cannot escape it despite their best efforts, they need to be taken care of, for life if need be.