Hacker News users aren't exactly a representative sample of the population anyway (generally educated, probably middle class or higher and if not middle class, we probably have above average drive ambition).
Secondly, just because someone passes classes doesn't mean they're educated. I had friends who pumped and dumped for tests and couldn't remember any of it the next semester. Other people learn outside of school and we have no way to measure or give credit for that.
Clayton Christensen talks about the disruption of Harvard Business school in his book -> http://www.amazon.com/Innovators-Solution-Creating-Sustainin...
You can't compare everyone to an 'elite' anyway. It's statistically unfeasible. We need critical thinkers who have a thirst for knowledge. Some people don't have the latter. Especially people who think they are already educated. Those are things we need in our society and a degree doesn't guarantee that people have them. Although we wish it did.
