I thought this was about Delain's song, Generation Me...
To answer your question, there are some exceptions but mostly yeah. A lot of people only care about themselves and they expect others to care for them also or else. However, as I said, there are some exceptions and even older generations are susceptible to that kind of mentality.
Yes. Parents from the last generation raised their kids with a "You're so special! You're amazing! You can do anything!" kind of mentality, so now we all think we're special snowflakes who are better then everybody else. And with the rise of technology, we've become more self absorbed. Making youtube videos, putting up pictures of ourselves on FB, having every little thing we do documented on twitter like anybody actually cares. We're a very selfish generation.