My parents are smart people with degrees from public land-grant universities but they are not world-class at anything. They had stable, good-paying jobs with proper pensions, and could easily afford to buy a home big enough for a family. It cost about twice their annual income.
They "won the lottery" with me in that I had an innate interest in technology and got into computers and networks in the mid 1980s. I ended up at a public land-grant college, but even if I hadn't, I happened to have the right skills at the right time to ride the .com boom and acquire experience despite my lack of pedigree (and 20 years on, it no longer matters what school I went to.) I busted ass and continue to do so, but I'm not blind to my fortune. And yet, I do not and have never had a pension, and I have always spent 2-4x the fraction of my income on housing than my parents did, for worse housing. Most of my generation was not so lucky as me, but at least they were about to get jobs and build a resume.
My kids are young and if they're just as smart and hard-working as me, they're fucked. The ladder has been pulled up, and pedigree is a lot more important starting out now than it was when I was younger. (I know, I've been a hiring manager for years - and in technology which is a MUCH more egalitarian field than most due to demand.) To give my kids an advantage I've moved to a small country in Western Europe so they can grow up multilingual and have cultural exposure that might make them attractive to elite schools in the event that we've "won the lottery" with their natural abilities. And if they don't, if nothing else, they have access to less expensive housing, education and health care, and live in a society that's much more egalitarian than the US - one that might give them a shot at "just a living" without exposure to the worst predatory aspects of American poverty.
All this is to say, no, things aren't the same. Yes, one still has to work very hard to be the best (one also must be very lucky to be the very best.) The difference is, there was once "good enough to make a decent living" and now, not so much. This isn't about meritocracy, this is about the distribution of reward (across the spectrum of "merit" if you like.)
I'll be voting for Bernie Sanders, myself.