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cupholder comments on Open Thread June 2010, Part 3 - Less Wrong
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They likely wouldn't, but I doubt that's the point. I think the point is that if they weren't so highly trained, their employment status would be more in line with their qualifications, as opposed to the current situation where Ph.Ds are doing jobs that could be done by less-credentialed people.
That sounds unlikely to me; I've heard the word 'overqualified' used to refer to that kind of discrimination.
And also, the money which is spent on useless "education" could be spent on something more useful, or at least more fun. People with mediocre incomes at least wouldn't lose a lot of flexibility from indebtedness.