I cannot say definitively when it comes to collegic graduates, however, if we extrapolate from high schoolers, I feel comfortable saying they are much less educated today and they rely too heavily on technology - at least in the mathematics and sciences areas.
Reason is, since about the 1970s our knowledge facilitators (teachers) have been indoctrinating knowledge seekers (students) with only that knowledge they need to pass the ACT, SAT and now the NCLB exams.
From the 1950s and 1960s knowledge facilitators were inflating academic scores in an attempt to prevent knowledge seekers from being drafted.
Therefore, it is my assertion that since the end of the second World War, possibly as late as the start of the Korean conflict (aka: War) the educational arena has become more political and less knowledge based.
For me, this is very disheartening. I would wish that knowledge seekers get the grade they earn and only progress when they have demonstrated to the knowledge facilitator an adequate command of the subject material. This could be demonstrated through examinations, homework, in class participation or one on one assistance in office hours (most likely a combination of the above) instead of on age and a standardized examination.
This is not to say I dislike accountability, only that I wish for knowledge seekers to be more concerned with understanding and less concerned with what score they received on their standardized examination. Likewise, knowledge facilitators should be less concerned about the political realm and more concerned with how well their seekers are performing in all aspects of their studies, and not only on what the exam scores tell them.