Democracy is a great idea so long as you limit whom you consider "the people".
Given the number of people employed in our industry without a university degree — many of whom are leaders in their subject matter area — i think your proposal is not just obviously discriminatory, but spitting into the wind of a gale of contrary evidence.
Get out, see the world, go talk to people in places and industries where a university education isn't paramount, and then tell me again that they should be denied a right to vote.
When people talk about the deficit, they're typically talking about the operating budget deficit, which is only funded from income tax and runs on a separate budget from the SS and medicare/medicaid administrations. So it doesn't really make sense to advocate cutting entitlements to address the deficit, they have problems too but they're separate problems.
It seems to me that at this point, they're looking for politically low-hanging fruit rather than fiscally low-hanging fruit.