More emphasis on training, and less on education per ce, would be more helpful for economic growth. So, instead of various loans and so on to help people get a four year degree in say, ancient Sumerian languages, offer loans for people to get tech certifications in things like networking and so on, things, in other words, that actually benefit the economy. If the United States wants to compete in technology and engineering, a greater emphasis on tech training and certifications is needed. Higher education still applies as a need in things like chemistry, medicine, and physics, and so on, but in the engineering fields, tech certifications could fill a void.

We have two problems: a lack of prowess in sciences and maths, and a lack of prowess in engineering. More opportunities for tech training by way of trade schools, certification programs and the like, can fill a void in engineering. However quality degree programs are still needed to fill the gap in producing people skilled at the maths and sciences. Basically, the chief scientist of your company still benefits I would say from having a Ph.D, but your average Joe-hacker probably only needs a few training courses in whatever language he is working on. So there is some truth to the "faking it" idea, but not complete truth I think.