I think your experience validates the thesis. These people have expended resources on something they expect will lead inevitably to success, without much further effort required. That's, like, the very definition of "the elite". Of course, it hasn't worked - you're making more than they are, and you aren't forced to put up with (much of) their bullshit (and with palpable resentment) - because it doesn't work like that anymore. We've turned out so many graduates that a university degree doesn't mean what it used to, and they don't automatically occupy the social position to which they feel entitled. Thus, "elite over-production".
this is the problem really. not creating smarter people, because that would actually be a benefit. imagine what we could do if we had more doctors, scientists and teachers and actually funded the institutions that give them meaningful work that would benefit our society. but instead of doing that we are creating people with entitlement who think they are better than others and who then can't find work because there aren't enough jobs where their qualifications are needed.
Oh, for sure. It's another consequence of making a metric the target. At one time a university degree had more than a signaling value (granted, it still does for many), but we decided to focus on maximizing degrees held, rather than the quality of those degrees / degree holders. So here we are.
Is that an elitist position? I guess it is, in a way. On the other hand, many positions which now have a degree (or a degree from the right school) as a (hidden or overt) requirement could be just as capably done by many who don't hold those dubious qualifications. Credentialism runs hand-in-hand with elite overproduction.
