Public education might be a colossal failure, but private education system is thinly disguised loot&pillage that only coincidentally happen to provide education.

Back to the topic - what use does highly educated unemployed people would be? By systematic design, only top 10% will have any job security. Sure, they will be more qualified top 10% and we will do better internationally as a result, but this is not the problem we are trying to solve.

The problem is: What to do with the bottom 75% that simply not needed on production side?

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