Somebody is part of an "elite" only by comparison. The basic sense of the word means: "a limited circle of people, displaying rare or highly polished skills or resources" (that's just my definition, not from Wikipedia, or anything). If a majority of people displays the same amount of polished skills or resources, then that majority is simply not an elite anymore. It's a majority.

So, to actually be part of an elite, you have to up your game to levels unthinkable now.

From this point of view, the problem (which is real) seems to be not an overproduction of the elites, but the wrong assumption that you are part of an elite (when you're not), and the expectation to be treated like an elite (access to privileges, etc).