At the time of this quote, a "job" was still very different from what it is now. For starters, you could almost certainly live off of it while not going into poverty.

A "job" now will require as much time and effort, and often hugely inflated education requirements, while paying peanuts.

Also, fuck Ronald Reagan in the afterlife. I hope he gets rimmed by a sentient cactus for all eternity in his own personal hell.