This has always been the case throughout my life. I've heard the same thing year after year as long as I can remember. One of the episodes of the Cosby Show had Princeton grads working as plumbers because of the bad job market. What might be different now is comparisons with the job market in the aftermath of the pandemic. New college grads will never see a job market like that again.
What? No you don’t. You have to know how to identify people you can trust, how to establish and grow that trust with them, and how to maintain that trust.
If you have bidirectional trust, then you can successfully manage people who do things you don’t understand.
Edit: read my reply to surgical_fire below
It was alright if they didn't knew as much as I did. They just needed to know enough that I could have a meaningful conversation about what was going on in the projects they were trying to manage.
I interpreted it to be an understanding derived from experience from having done the job, but now after your message I could see it meaning an understanding of what the output should be, not necessarily how that output was produced.
The lieutenants wrote out detailed plans for it. The instructor marked them all wrong. The correct answer was "Sergeant, get that flag pole up!"