Then what the highly trained research scientists and engineers need to do is apply their scientific training to fleecing rich people of their money.
Which is actually what is happening, and has been happening for the last 2 decades with the entry of a large number of physics, math, and CS Ph.Ds into hedge funds and tech entrepreneurship. Stage 1 is a massive wealth transfer from dumb old money built on relationships to smart new money built on technology. Stage 2 is increased funding for STEM research & applications, as the new money diverts capital into their interests. Stage 2 takes a generation or so - it doesn't happen until the new money feels secure enough in their wealth that they can divert attention to becoming powerful. But we've seen the beginnings of it already, with Tesla, SpaceX, Blue Origin, Calico, Google X, YC Research, Breakthrough Starshot, and the Gates Foundation diverting some of that money that was redirected into scientifically-trained hands back to actual scientists.
Flat wrong, unless you convince the owners of capital that that's the most prudent investment.
It's already extremely difficult to get hired as a research scientist, even with a big-name PhD.