Stereotypes largely serve to help us separate ourselves socially. They help give us "place" in an every increasing world of chaos and social migration. Anyway, I'm certainly guilty of it. I think that this refrain (that the younger generation is morally bankrupt) has echoed through history.
I'm 33 and I've tried to lead a good life, I help others when I can and I don't force my views on anyone who doesn't care to hear them (my wife might argue otherwise! <img src="/images/graemlins/smile.gif" alt="" /> ).
Quit often, socio-economic upbringing is only a contributor to a larger problem. It's down to parental input or lack thereof. You can argue single parents, working mothers, absentee fathers and any number of other factors. Even then, some kids make it and some don't. As far as I'm concerned, the only impact I'm required to make is to bring up my own children. And part of that is teaching them to help others while defending against those who might not be so moral.
Why do you feel this change should come from the same generation you rebuked? Doesn't that simply change your disgust from those who are immoral to those who aren't? I think you are shifting blame where it doesn't likely belong.
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Experience is a hard teacher because she gives the test first, the lesson afterwards.