My point was rather that the average parent feels his child is entitled to things than that they think it is okay if he is a failure. Once you adopt the idea that pay is not earned based on merit but rather that income is "distributed" according to arbitrary factors, your child is not a failure if he cannot get a good job regardless of his lack of useful education and work ethic. Rather, that's society's failure. I'd even argue that an appreciation of learning for its own sake is contributing to our problem. Now people who study sociology or philosophy or seventeenth century French poetry feel entitled to at least as much compensation as someone who studies engineering or law or chemistry, and rather more than someone who studies welding or sheet metal fabrication or plumbing.
You certainly have a point about the average parent (including upper middle class white people) raising shallow children. However, if this was because of consumerism, would those parents (and those children) not concentrate on education as a means of increasing their capacity for consumption? Should not these parents, consumed by consumerism, not all be pushing their children into law or medicine or chemical engineering, something to generate a good income, if consumerism is the driving force? Seems to me this theory breaks down with the parents' and the kids' apathy. But if it's valid, I see only three possible ways for government to address this. First, government could try to set a good example by, say, not spending above its means and not demanding ever more of our wealth. Good luck with that.
Second, government could encourage savings, either by restructuring tax law to reward saving, or by removing social services to punish consumerism. I like the former idea, but it goes directly against the progressive ideal of punishing the successful and rewarding the unsuccessful. "From each according to his means, to each according to his need." Would you really support government not taking its cut off the top to encourage saving and discourage consumerism? What about when the rich get even richer, since people who become wealthy tend to do so by spending proportionally less than the rest of us? The latter would be very rough on people who did everything right (at least to the best of their ability) and simply suffered from bad luck. It would also be very hard on children whose consumer-oriented parents are stupid or selfish.
Third, government could simply seize all wealth it deems excess, thereby preventing consumerism from being fulfilled. You could certainly argue that argue that a communist nation where government owns everything is significantly less consumeristic (to coin a word), but most people (Craig obviously excluded) wouldn't try to argue that it is happier or more productive. Denied the benefits of working past subsistence, most people simply don't work that hard. No consumerism, but also no progress and little protection against catastrophe.
I'm sure you think government could fight consumerism by taxing more heavily and spending on "the public good". I think though that most people, seeing government spending ever-increasing amounts, would not be convinced that it is bad for individuals to do the same. "It's bad for you to spend your salary, but it's good for me to spend it" isn't a meme that has enjoyed a lot of success in the world except when backed by force, or on populations long accustomed to its being backed by force.