Leaving the 70s comparison aside, because that's not really the point, I think that a lot of parents have become too focused on putting their children at the centre of their world and are forgetting to be people first.
I find the incessant shutting between activities, play dates, classes, parties etc to be overwhelming and totally unnecessary. Children need to be able to learn by themselves, entertain themselves etc and parents need time to focus on things they enjoy and their relationships, or everyone suffers. I think this myopic view of the children as the focus of family life is problematic as it gives children the impression that it's all about them and that their parents are there to facilitate everything and anything for them. That's not healthy.
IMO children need to grow up understanding that they are there to give, not just to receive: to do this they have to be allowed to be themselves, and be by themselves, without the constant interference of a parent.
For the family this means not living in a child-centric bubble, but trying to make sure that no one part of your life, including being a parent, overwhelms the others. Parents don't need to be at the beck and call of their children all the time. Children need to understand that they are part of a family and that everyone has needs that they must adapt to. For me this means teaching children to engage with adults, to be civil and polite, to understand that their needs don't take precedence over everyone else's.
A constant cycle of self-sacrifice creates unrealistic demands. Children should be given the room to potter about to figure things out for themselves. By all means parents should give 100% to their children while they are together, but parents need time to be off duty, to be people catering to their own needs and relationships.
I remember reading an MN post a good while ago in which someone said that they had never let their 7 year old spend the night with their grandparents because "what would happen if they needed me during the night?" This really stuck in my mind because I find it such a horrifying idea - that at 7 years old this child hasn't had the chance to learn that if they need someone during the night, they will be ok if its a grandparent who is. Or a friend's mum etc. It's a crucial lesson in self-reliance.
I think that guilt about how much time we should be spending with our children, the push for children to develop and excel academically at a young age, and stranger danger have played a major part in the way parenting has changed, and not always for the better.