In short: no, not at all. It’s just different things.
Imagine we’re in the early 20th century, and some moderately prosperous farmers send their first son off to a boarding school back East. He excels, becoming fluent in the classics, history, etc, learning the genteel virtues, stands at the top of his class. After graduating high school, he comes back home for the summer. And everyone thinks he’s an idiot because he doesn’t know how to grow crops!
That’s what we’re seeing nowadays, except the genteel virtues are what the old timers are arguing for without realizing time has passed them by. To succeed in the modern economy, you don’t need to be able to recite prose from In Catilinam (with a Vatican pronunciation). The single most important skill to develop in children now is symbolic logic manipulation. And in that, we excel–tests that attempt to measure that (IQ and SAT, for instance) have shown a consistent increase in scores, given a representative pool of test takers. Critical thinking rules over rote memorization–and anyway the average high school graduate now can probably on average provide factual information faster and more accurately than the average graduate then, so long as you give everyone the tools available to do that (Google! Wiki! Perseus!)
Before, a good science fair project might’ve been reproducing the experiments of Linnaeus, or making a bottle rocket. Yeah, BFD. Compare that to what Intel Science Fair winners are producing.
And I question whether people actually have less exposure to foreign languages now than before. Even if you restrict it to Latin, I went to a very diverse, underprivileged, and underfunded high school earlier this decade and still took 4 years of it, including AP classes. I was taught by someone who had an MA in the field (remember, even if a class was theoretically “taught” there’s no data that I’ve seen that indicates whether teacher’s even knew what they were doing then or if they knew how to teach).
Oh, and Curtis: one of the best things about high schools nowadays is that it’s usually easy for a motivated student to find a sympathetic teacher and organize a self-study course in their room during the period they don’t teach. My senior year I taught myself quantum instead of taking a science class (I had already taken all the ones available, anyway–modern schools are flexible, which allowed this to happen!) Do this, seriously. Might not be possible freshman year, but afterward for sure. You can study Ancient Greek and Latin and Sanskrit and whatever the hell you want to your heart’s desire.