It’s up to employers who they employ. It’s not for you or I to decide what job or what person are suitable.
But if your skilled enployees are switching to burger flipping because they can make the same money then you aren’t paying the new market rate.
I was born in the late 70s so I can comment on the 80s onwards.
It was ok. It’s better now though. Some stuff got worse. A lot got better. We know more, have better toys, live longer, cheaper travel and so on.
The major thing that’s worse is the internet blasting every negative thing into your brain 24/7