I know a bunch of college graduates who are dumber than dumb. I support a dozen or so people with philosophy/psychology/journalism degrees and they all work in customer service doing data entry and answering phones. I think now, more than ever, experience is better than having a college degree. I went for two semesters and dropped out. At first I thought I really wanted a degree but in retrospect, I just wanted the college experience. I'll never go back. I've gotten ahead in my field by working hard, taking the initiative, and never thinking that I can't accomplish a task. My peers have masters degrees in computer science. And I know that I am only one of many with this kind of story.
So I'm going to disagree with you about how much better off the country would be, MRD. We'd just have fewer youngsters entering the work force