This is true, but only in the way that no manager, private or government will ever fix. What happened to give good teachers in the 1980s (who kept working afterwards) is ... a large economic crash.
Which created a relatively large supply of people from capable, respected positions, in the hard/positivist sciences who suddenly lost their job. They always had the ability to displace teachers, but never wanted to. Then, suddenly, they had a strong incentive.
Managers, or government committees, to point out what they mostly were, were utterly baffled at this happening. They had spent decades making the demands to become a teacher easier, because they were in the situation we have now: they couldn't find people willing to work for the wage, for the (lack of) respect/status. They didn't change the wage, because status: they will never accept that teachers have a status above theirs. But suddenly, that didn't stop a lot of capable people from becoming teachers.
So this cohort of fired people blew through the requirements, fixed the shortage and even displaced quite a bit of teachers. Some never left. Some are still there. They were also used to getting respect in their jobs, and so they demanded that from government, from kids and parents (with the good ... and the bad that that brought, for example giving teachers the right to exclude troublemakers from education). They built a power base and lifted education, including increasing the demands on new teachers.
This in turn resulted in an enormous cohort of relatively well-educated people coming out of schools.
But the economy came back. A lot of these teachers left and of course the unions and government changed the rules so they themselves would be secure against a repeat of this. Displacing teachers, should anybody again suddenly want to, is a lot harder now (ironically unions thought the government would stand by them, but now the government is in constant saving mode, so they want to replace existing teachers by the cheapest labor they can find and so they're killing off those rules).
But the economy came back. To have capable teachers, schools would now have to outbid the private sector again. Which means government committees would have to vote their own status, their own pay, down. The way FANG managers have been forced to do: they'd have to accept that at least some of the people under them have more status, and more money, than they do. Needless to say, governments utterly refused this, because when such trivialities as the future of society conflict with their own money, their own status, the vote always goes the same way ... and here we are.
It's again not that well-educated people have disappeared, in fact there's more than ever before, it's that they, like in the 60s and 70s, will not accept the deal the government is offering, and the government doesn't want to offer even that deal.
But this all started happening 30 years ago and really pushed through 15 or so years ago. A whole generation has been educated already by teachers that just don't measure up to the teachers that came before. This new generation ... doesn't measure up and of course finds this situation very unfair, they never had a chance, and it really isn't their fault. Government explicitly chose to create this situation. Or to put it very bluntly: there are suddenly a great deal of young MAGAs, growing every year. The same goes for Europe too, especially since most countries have now decided they'll just outright stop education in a bunch of fields, killing off and defunding university department after department (so much cheaper to have Turkey, or China, or ... educate doctors and engineers), which then of course meant that most or all people in high positions are not locals, which means the path to high status that education used to be is a lot narrower now.
... and then Trump did the same in America. And yes, where Europe did it slowly, limiting damage, Trump decided to take a chainsaw (or what he actually used, as it turns out: a really bad LLM) to the US equivalent.
It always come back to the same argument: being inclusive, respectful, having authority, friendly, ... all of this matters. But having teachers capable in the hard sciences, is table stakes, and that is expensive. If you have a disrespectful teacher that has an excellent grasp of the subject, kids get educated. If you have a teacher that is inclusive, respectful, has authority, the friendliest person you've ever met, but limited grasp of the subject, kids don't get an education. NOT the other way around. You HAVE to start with teachers with excellent education and today that means you pay for it. But government refuses.
And yes, that's not much of a problem for the wealthy, who are educated and just educate their own kids, if need be, they do it themselves. Or they get tutors that they pay well. The rich are not the problem here. You will not fix this situation by sabotaging the rich's efforts to educate their kids. It's that government has decided they can spend just a little bit more money now if they close off the path that education provides. And the cohort of people that already got educated so much worse than people 10 years older ... they want revenge and so this is exactly what they want government to do.
Any study on education will always say that educating someone is comparable to a process of diffusion. The kids top out at the level of their teachers, no matter the process. Humans learn 99.99999% or more through imitation, so the subject grasp of the teacher is effectively the limit for the kids. At that level learning slows to a crawl at best. Imitation is the cheap, fast way humans learn (for obvious reasons if you've done even a little bit of machine learning. Think of how much information a teacher giving you the answer to a problem gives, and then about how much information an experiment gives)
It is of course true that students can exceed the teachers. But that is a very slow, very expensive process that takes years to learn even relatively simple things. And that requires providing resources directly to the students.
Resources matter ... but not laptops. I mean, by all means give teachers the resources they require. But first you must enforce a quality level in the teachers. That's table stakes and nothing will help until that's in place.