And even if equipped (whatever that means exactly) many simply have no interest in doing so. I assume I could have gotten into a PhD program of some sort had I had my heart set on it. (I did get a couple of Masters--and mostly quite enjoyed them.) But had very little interest in getting a PhD--and find the idea retrospectively even less appealing today.
We're rich enough (for now) to import innovation; we don't need an educated populace. We have a robust military that makes us untouchable geopolitcally.
Do you see how dangerous this kind of bullshit is? Do you see what happens when enough of the people in your country don't value things like degrees and institutions of higher learning? The Athenians fell because of their hubris; not because they valued poetry and art.
https://en.wikipedia.org/wiki/Pol_Pot
So long as people have ready access to a trade education if they want it, the wages afforded to various professions should be sufficient to handle the distribution of students into the future - clearly, degrees are still desirable enough to the alternative that trade wages will have to go higher before more people start moving into it.
Second, not everyone is equipped to earn a PhD by significantly advancing our knowledge in a useful field. In fact, the majority of people are not.
Third, the demand for degrees — due to the idea that everyone must go to college, and misguided subsidies to make that happen — already far exceeds what colleges are able to supply while still being achievable by the majority of their customer base.
The result has been degree inflation, cost inflation, and a huge number of useless workers with useless degrees unable to pay off their crippling college debt.