The industry has changed enormously over the years and if you were able to transport someone from the early sixties to the present day they would be stunned by how things have developed. The same would apply to just about any industry, well for those industries that still actually exist still in the UK. Change is an ever present aspect of life and no doubt there has always been a harking back to the "Good old days". I cannot comment on the situation of someone flying for a living in the USA but in the UK more people are employed in the industry than ever before and accesibilty has been improved (so long as you are willing to borrow the money). The Pilots taking these jobs are not school rejects by any stretch of the imagination and probably have reached a higher level of education that many in former times. There are still many more jobs which have worse terms and conditions attached and with a much more reduced chance of making it to retirement.I came relatively late to flying after 13 years in the merchant navy (and yes the good old days had long since passed along with hard tack and rum rations!) but still get £85k a year and am my own boss during the time I'm at work. If you ask the young people now what their impression of work prospects are you would get a much different answer to that in former times. They assume that change will be the norm and do not expect to work for the same employer for all their working life or be cosseted by a benign employer who will treat them with deference that has to be earned.
In short the world is always changing; the younger you are the easier it is to cope with.