He's got some point. But not the 1920s nessarily.
No social security or job security, no breaks, No laws regulating how business can treat workers.

You've got families (big families and multiples of them) crammed into row houses drinking stale likely infected water, definitely untreated. working up to 16 hours a day everyday bar perhaps sunday. You can be replaced at any point without notice, using racial and cultural tensions to drive down wages and increase competition. Machines are dangerous and quality control doesn't matter. Your dimiet is likely shit, medical science is trash. Not even likely to get a full work week depending on the job.

I wouldn't think comparing today to the 1920's is so good an idea. We've already undone or weakened most of the laws set to prevent another great depression so, that comparison feels like its going to be really fucking ironic suddenly some day.
I very much hope to be wrong here, I would like to add.