I understand, I'm in my early 30's and not so far removed. However, it's not like that for everyone and I, for one, will raise my children virtuously despite society's crumbing morality.
Morality did not just crumble overnight.
Back in the 1950s that darn rock and roll was responsible for all kinds of debauchery with your parents.
My girlfriend's son is 16 and many people would not believe what girls send him via text and other messaging methods. Girls send out provocative (to say the least) photos in group text messages. They compete to see who the boys will "grade" as the best photo for a specific body part or the best "action" video. I seems that many parents don't even care what their kids are doing and definitely are not talking to them about morality.
It is crazy and alarming at the same time, but I have learned the bigger a deal you make out of it, the worse it gets. The best thing to do is talk about it versus flipping out.
But your last point is important. Most parents are not equipped to be parents. Morality is just different. The big part is the lack of parenting and accountability.
If my kid turns out weird and I have a problem with their lifestyle choice, I better start looking at what I did versus whine and blame some sort of moral decay for the situation.