For hard-working American families struggling to make ends meet, the student protesters at Occupy Wall Street must seem like cast members of a reality show designed to make them look shallow and self-indulgent. The irony is that these students and recent grads have a point about their college debt. It's just not the point they are making.

Here, for example, is a typical entry on the blog "We Are the 99 Percent." A woman is holding up a handwritten note that reads: "I am a college graduate. I am also unemployed. I was lead...