I also wonder what would happen if we had vastly improved education at the high school level and people instilled with a desire to work and make their own way in the world. Under current conditions there certainly would not be enough actual jobs to go around. But if we had freer markets, no Obamacare, less regulation and fewer incentives for idleness, would we be able to employ significantly more people? I have some doubts. How does it work in Hong Kong?
We already have a vastly improved education at the high school level - if the students wanted to take advantage of it. Compare the resources of a one-room schoolhouse with the resources of a single computer.
What we don't have is a majority of the population with a desire to learn and make their own way in the world. Granted, some of them don't have the intellectual ability but mainly it's lack of motivation. Why work when the government will take care of you.