But that's a positive thing. Full employment in 1857 meant everyone from the age of 13 working 60 hours a week in rough conditions. Now full employment means everyone over 21 working 48 hours a week in a safe environment. In 30 years it will mean people between 21 and 35 working 20 hours a week at home. That's progress.
Assuming the system keeps up. Right now it is nearly impossible for many of us to work part-time without taking a huge hourly rate cut. You can (sometimes) work as a contractor/consultant, but then the tax and healthcare systems are stacked against you.
I personally think it is insane that we still work 40 hours per week today. Many people seem to deal with the ridiculous situation by wasting time at work (e.g. surfing Reddit for half the day). This is bad for the bottom line and, more importantly (because the effect is broader), bad for employee-morale.
I think part of the problem is that many in our society (talking about the US here) equate hours with "work". If you don't put in the time, you must not have done the work. And if you do the work in less time, you should just do more work (even when that doesn't make sense).
This jives with the message we keep hearing from the political class. That we have had things too good and that we just can't afford for everyone to have such "lavish" lifestyles any more. They seem to think things need to move in the opposite direction, more people working longer for less compensation.
I strongly disagree. But then, I am much more concerned with the quality and general happiness of my life overall than I am with how many widgets I create or consume.