We are already learning from Japan. During the past four years, Obama and his economic team have repeatedly confronted the bad/good Japan/Sweden dichotomy (courtesy Paul Krugman) -- how do we avoid having our own "lost generation"? Many say we're already well into that generation, but at the very least keeping our eyes on Japan's economic status isn't a new idea.
Some people think the American "lost generation" is happier than their Japanese counterparts--at least I heard that from an American who has lived a long time in Japan. Does that make any sense to you?
I'm maybe part of the "lost generation," depending on where you draw the parameters. I was having a conversation with my dad the other day about this subject, and he looked at me and just said, "Well ... do you feel lost?" Hell no I don't. The only reason we in America and previously those in Japan in the '90s felt lost was that they were idiotically entitled. Want an actual lost generation? Take a look at Sierra Leone. I'm ranting because "happiness" just shouldn't even come into it. I have no patience with that label, nor with the lost generation in general, so I don't want to try to compare two first world countries that have shit-all to complain about. To answer your question (reluctantly), I think the perception is there. You're correct. I just don't know what the hell it matters.