I find it interesting that people mark MS as "thief". What MS did was to arrange great deals with IBM back in the day to have the rights to MS-DOS. That catapulted them to success. Windows was a much later activity. There was nothing "stolen". If you're going to throw the whole "they stole Windows from Macs" thing, don't bother. Apple "stole" it from Xerox, MS "stole" it from Apple or Xerox. The point is, MS played its cards right and Apple didn't. Now MS is the target of criticisms and anti-MS hooligans can cry whatever they want. Be realistic, move on. Do something constructive and creative and success is still available. Whiners do not succeed.
Anyway, back to the topic, Gates is right on the money. Our school system is lacking in quality and it is not in a good trend either. Many other countries, both industrialized and not, have better public school systems that generate great graduates that then move on to innovate and help improve economy in their countries. New, innovative ideas generate new businesses and distinguish you from other countries. That's what made America succeed in the first place so if the idea generators are reduced down to a trickle due to restrictive immigration laws and bad schools, then future businesses are going to struggle for innovation and are going to become followers of other countries' businesses. Following is not a good place to be usually.
I am a self-taught programmer as well. I don't go around parading that that's all we need, though. Self-taught programmers do not innovate. They can make great use of innovations but they, themselves, do not innovate usually. There might be exceptions but that's the general trend. It is those with PhDs that don't have anything better to do and that get a natural high coming up with new encryption or compression algorithms, new communication standards, etc. That's the type of innovation Bill Gates is talking about. And it is not even just limited to computer science. It applies to all sciences. Electronics, nano-technology, material sciences, chemistry, pharmaceuticals, genetics,
... Those cannot be self-taught or learned nearly as easily. Try and build a home carbon nano-tube.
The future technologies that are going to fuel the future economy are in the making right now and innovation is what it all builds on. And innovation depends on highly skilled, educated, AND smart individuals with money to perform the research.