1. How does the author treat the problem of "the young generation"?

I do not know why you would call them a problem; they are a problem only in the sense that they are living a lifestyle which would have been typical of some during the Roaring Twenties before the Stock Market Crash. These people seem to have superficial actions; they have little morality. They are self-centered and only live for themselves. They have little interest in anyone outside themselves.