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.