Generation Y work?

[Uniquely]

I saw a report yesterday that said the percentage of 16-17 year olds who have a job is at it's lowest in 60 years! Youth remain under represented in the work force until you get all the way up to age 24. The report said that more parents want their children to focus solely on school and extra-curricular to get into better colleges. The report posited that this will make this generation weaklings in the real world who won't know how to handle real responsibility when they finally do enter the work force. The report renamed "Generation Y" to "Generation Y work."

Any thoughts? Will this focus strictly on education make Generation Y smarter and more successful, or will it make them weak? Would a more balanced focus between education and a good work ethic be better for today's youth?