A company I worked for in the 1980s went through some financial hard times, and they instituted an across-the-board 10% pay cut. One of the engineers there was furious about it, and we talked about it. He said how mean, cruel, and unfair it was. I suggested if he felt that way, he should quit and work elsewhere. He was angry at me for that suggestion, saying there was no way he could get another good job.
More generally, people in the 70s/80s were not secure in their jobs nor their job prospects.
Two year certificate at a community college. I hate to break it to you, but I know a lot of people who take this route, buy houses, and live fulfilling lives with decent salaries for their area. In rural Minnesota, an electrician can buy a 4 bedroom house, new truck, and take 2 or 3 hunting trips a year to Canada. A machinist makes about the same, and can get a decent job in a 20-30 worker plant, as described in this article.
And yes, traditional high school has not prepared us for this, but the workarounds are there. Many community colleges will allow concurrent study for an associates, often at reduced or subsidized cost. In Saint Paul, MN, you can attend a local community college for free if you graduate high school.
I frankly have the opposite opinion. Parents pushed kids to get a bachelors, the gov pushed kids to it, and colleges played along, and kids who had no aspirations to white collar desk jobs ended up with degrees that didn't help them.
My father got hired on as a machine maintenance person almost immediately after he dropped out of college, with no previous training or experience whatsoever, and then bought his first house within two years. They trained him and he worked his way up on the job and held it for over 30+ years. Lets look to a quick Indeed listing typing in that same job title today and read a few off the top listing together that don't have 'senior' in the title.
Applicant must have 3 to 5 years’ experience
Three (3) years equivalent work experience required or a machinist/technical degree.
Technical degree/machinist certification or 4-6 years equivalent work experience required.
I mean if you are going to argue that this is the same way the market has always been, that is just completely incorrect, both anecdotally and statistically.