These concerns are not unique to the current generation. Pulling up stumps and moving in search of work and prosperity has ALWAYS been risky (hell, I've done it three times so far, once while massively in debt). It's just that now there's a very strong trend towards risk aversion, which makes it that much harder for the entrepreneurial spirit to flourish.
In fact, it's even worse than that; With the internet, it's easier than ever before to find a job before you even decide whether to move or not. And yet more and more people remain complacent in a 13% jobless rate area when 3.3% is available for the taking.
Of course, the good news is that for those who ARE adventurous, there's never been a better time to move and take advantage of the opportunities created by the fear of the majority.