We have all the internet but damn even books are better and broader today. I can order that rare special indy book and print it on demand and have it show up in 3 days
There's also no YouTube tutorial to tell you something like "don't mix types of metals for you gas plumbing or you'll kill your family" because there's no professional watching you make stupid mistakes.
What cut backs? We spend more on education than ever. We might be getting less out of it, but not for lack of spending.
https://nces.ed.gov/programs/digest/d19/tables/dt19_236.70.a...
Now I can just fire up a browser and understand a hard math concept in minutes in a much easier way. With free as in freedom CAS tools and such, and with a netbook bought at a ridiculous price 20x cheaper than the book volume set itself, which back in the day costed A LOT.
There are arguably more opportunities now for learning things from a professional than in the past.
Public schooling has very rarely been about mentorship anyway. Arguably higher education always was to some extent, but it very often still is; you end up in debt nowadays, but it's still widely accessible.
And I don't see what loss of manufacturing has to do with anything. Some of those manufacturing jobs were in skilled trades, sure, but there are still plenty of opportunities still to learn skilled trades. And even then, I don't think that has much of anything to do with learning things from a book at the library vs. a course on the Web.