In my opinion this trend has little to do with a president. I swear some people think the occupant of the oval office has these little strings where they control everything from employment to the price of Tootsie Rolls.
In my view one major contributor to this trend is the way we parent kids now. There's far more coddling going on than in past generations. Parents are more quick to intervene in every perceived unfair situation. If a child doesn't make the cheerleading squad they sue. If little Johnny doesn't play in the baseball game they seek to oust the coach.
Even schools have gotten into the act. In many areas no longer are Valentines Day cards allowed to be distributed in class unless every kid gets one. That goes for birthday invitations too. Some districts have told teachers not to use red ink anymore because it might hurt the students self esteem.
So yes while economic issues certainly plays a role, many young people are ill prepared for the struggles and patent unfairness of everyday life. Additionally, in the instant gratification world they grew up in they want what took their parents years to accumulate NOW. Why toil to get something your parents already have? Hmm, anyone see the remote to the 75 inch flat screen?