Pretty much. Unfortunately, we've also created a massive underclass in the West who have effectively no applicable skills. They can neither administrate, or do things, and so they are effectively dead weight on society. Ironically, considering that administrators are driving us over the cliff, the underclass is less problematic than the administrators. At some point we'll hit a critical mass and there will be so few people left that know how to do things that we literally will be unable to maintain the basic infrastructure of civilization. The cracks are already starting to show.

The sad thing is that this is so very obvious, and yet such an intractable problem to solve. The entrenched systems at every level of society will fight you at every turn when you try to improve things.