Don't disagree with the observations, but don't let it discourage you if you have kids or grandchildren. Help them realize if they are willing to work hard it will pay off. But, working hard is also working smart. So get a good education and focus on learning, not just getting grades. Then view that degree as simply a door to help you take the next step and then the next and ......
My dad taught me the value of working hard, I passed it on to my children. Frankly, it was seed that sprouted. They are not alone, there is a minority of youth today that do work and apply themselves. What I see is they are rewarded way beyond what was available when I was a kid. A young executive who is really willing to work hard has incredible opportunity. Companies are digging hard to find leadership and promising young adults to lead them into the future.