It could be that the major reason for 'college kids perception of loss in quality of life' is that the rise of ad-driven media, as opposed to the previous generation's subscription model, leads to more sensationalized news to drive clicks. Combine that with online forums (echo chambers) that make it easier to complain to a sympathetic audience. College kids are also more susceptible to recency bias, they didn't live through previous times of uncertainty and have no memories of cold wars or the turbulence that previous generations lived through.