There’s an elephant in the room when you talk about education: there still aren’t enough jobs. You can train all the engineers and programmers you want, but that doesn’t do any good unless there’s a job for them to do.
The First Industrial Revolution did destroy most jobs. There was mass unemployment, hunger, rioting, and revolution (look up the spring of 1848). The unemployment didn’t go away until two things happened: the work week was shortened dramatically (so business owners had to hire more people to do the same job), and child labor laws removed a large number of people from the workforce. The jobs never came back, but society found a way to function with less work to go around — by spending more time in school (and later retirement), and dividing the jobs that remained into smaller pieces.
Now we have a situation where jobs are being automated again, and there’s every reason to believe the current Industrial Revolution will be just as effective as the first one. What will create the work that all these newly-educated people are supposed to do?