Society has always functioned quite well with 90% of the population dumb and dumber. Those 90% won't "take care of us" any more than they need to take our order, cook our food, or clean our house. The 10% will do just as well as they always have.
The overall trend world-wide is towards increasing literacy and knowledge. Universal education may have brought the mean skills of those that participate in the education system down but it expanded the number of those educated and will in the long run, I believe, result in the best educated population possible.
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