The reasonable perspective does not. It demonstrates that though agency is limited it does exist.
Our life outcomes are connected to our actions. For many their circumstances make this an unpleasant thought, thus binary thinking protect their self-image. For some that's all they have left.
Humanity’s initial circumstances, by modern standards, was pretty poor! What is lacking from the modern day doom and gloom is any notion of agency. You can change an awful lot in your life if you identify a goal and then ask yourself “what do I need to do to get there?” The common objection to this line of argument is “well there are people who cannot change their circumstances” and maybe that’s true. But I doubt that’s true for most people, and it certainly was not true for me. My life is dramatically more interesting and comfortable than the one I started life in. My main advantage over others is that I had loving and supportive parents who encouraged me to dream, and maybe that is a big advantage, but what we did not have was much money.
The recurring thought I have is that, where I live in the Eastern US, most of the houses, which were built in the late 1800’s to early 1900’s, were built with what we would now think of as primitive (and affordable) tools. That did not stop people from building beautiful things. I have learned to use those tools, and while they are slower than modern ones, they work fine. It’s hard not to get the sense that, for all of the complaining about “I will never be able to afford a house,” etc, there is also not much effort invested in seriously considering how one might acquire one with limited means. I bought what used to be called a “fixer-upper,” a house that sat on the market for years because of its problems, and turned it into a comfortable and pleasant home. I had to sacrifice nights and weekends. For years. But I made it happen, and eight years after I bought it, my mortgage (which was small) is nearly paid off.
Was I lucky? Maybe. But I also coupled that luck with the motivation to actively change things. I would love it if I could somehow convince people that they really can have fulfilling and even happy lives if they are willing to work toward that goal.
Your students who can’t graduate will have to reevaluate their entire lives. If I didn’t become a software engineer I would have to move across the continent and choose a new career. I already had to leave all my friends and family behind and I’m one of the success stories. Sometimes there is a solution but it’s not worth the trade offs and that’s typically when pessimistic thinking is helpful.
If you live in a low cost of living area then I have no idea though. Those people really are just whining.