'Ok, what are we to do with those who are over educated in the wrong fields or just have a simple skill set?'
We? Do you have a **** in your pocket?
It is not my problem if you are over educated ( whatever that means). Find a job doing something else. I personally have had four distinct careers due to changes in the job market in my area.
As far as simple skill sets maybe one should consider performing the job that 'Americans will not do'. Beats wrinkles in the belly.