I don't think the current generation of teens think life is cheap. They are less violent then their parents generation according to the US Justice Department. (For example see teen gun related homicide rate over time:
http://www.ojp.usdoj.gov/bjs/homicide/region.htm ) I think the media just spends a lot more time obsessing about it.
I'm sure things could always be better but we should give this generation the credit they deserve.