Perhaps a look at the history of nations, as well as the noble ideas which motivated and ennerved America's Founders and Framers of its Constitution for government might be instructive in examining this "Professor's" analysis:
"I am not among those who fear the people. They...are our dependence for continued freedom. And to preserve their independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds...our people...must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses; and the sixteenth being insufficient to afford us bread, we must live, as they (the British) now do, on oatmeal and potatoes; have no time to think, no means of calling the mismanagers to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers.... This example reads to us the salutary lesson that private fortunes are destroyed by public, as well as by private extravagance. And this is the tendency of all human governments. A departure from the principle in one instance, becomes a precedent for a second; that second for a third; and so on, till the bulk of society is reduced to be mere automatons of misery, to have no sensibilities left but for sinning and suffering. Then begins, indeed, the 'bellum omnium in omnia,' which some philosophers...have mistaken for the natural, instead of the abusive, state of man. And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." - Thomas Jefferson
We're at an especially perilous time, jobs-wise. Technological advances are coming so quickly that most of today's jobs won't be needed very soon. Our schools have failed miserably in preparing children for the world as it has been. The failure soon-to-be-apparent will be much, much worse.
One thing I've been studying over the past year is blockchain technology, including cryptocurrency and other applications. I'm hopeful that getting involved in this will help my children and me avoid the occupational fate that Jefferson described.