I think the economy and job opportunities has a lot to do with it. It was a lot easier to get student jobs then or whatever other jobs in the summer than it is now. Not to mention the pay was somewhat better. Nowadys, you can't pay of your tuition fee of your pocket without working during school days. Just imagine a student working for 12 dollars an hour for 21 hours a week, that's not really enough to cover you bills let alone pay for your tuition.
It's a lot tougher now tbh. I don't know why old folks continue to consider it as dumbing down..

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multi-tasking and budgeting my time is really hard