I share you assessment of the situation. When I was teaching at Rutgers, I included Harry Braverman's book on the deskilling of manual labor. Virtually no student (except one who worked as a cashier clerk at a supermarket) believed that the white collar jobs for which they were grooming themselves would experience the same fate. These were not exactly kids born to the privilege, after all Rutgers is not Princeton. They believed, however, that their current or expected position in society was earned solely through their effort and skill, that the system is fair to everyone, and as result, they resented anything "social."
My own feelings toward such attitudes are ambiguous. Sometimes I see them as mere naïvete that can be changed by proper education, but sometimes I think it is learned ignorance stemming from self-righteousness, ethnocentrism and feeling of superiority that needs to be crushed by any means necessary.
I also remain pessimistic about the outcomes of the falling from grace that you describe. Such downward mobility resulting from devolution usually breeds fascism not socialism - the latter being a product of progress and unrealized upward mobility.
Wojtek