The skill sets have changed. IMHO, it’s similar to the Great Depression. Industrialization lowered costs in so many fields it became uneconomical to pay people, and cyclically, there was less money to purchase goods.
Computerization, tax & regulatory hurdles, lawsuits, etc. have now done the same thing to our recent milieu.
Other than the service (and government) sectors, I don’t see what the new skill set is supposed to be.
My advice to young ‘uns is that college is no guarantee.
It’s not a case of skill sets changing, as skill sets have always changed. Candle stick makers used to make a lot of money in their day, now you can buy a candle for a dime. Skill sets will always change.
What has changed is the paradigm. It used to be that they employer would assume the training and he’d absorb all costs, so it was worthwhile to take on an apprentice. There would be costs in hiring one, but that apprentice would be paid according to his ability to generate revenue. It also had the side benefit of causing employers and employees to commit to each other, because they both benefited from the relationship. The employer was willing to shell out for training, because the learned training would generate increased revenue and the employee stuck around, because as he increased his skills, his income would rise. It was a mutually beneficial relationship.
That’s why people could start for an employer, when young, and retire with that same employer.