Of course I take issue with the song because it implies that all pot-smoking, sexually active friends are wasted potential and need to be disciplined.
No. It does say they're wasted potential, and it says they need to be disciplined, but not in the way you think.
They shouldn't be punished. The discipline they need is self discipline, the will to DO something.
It implies that the narrator is righteous and the rest of these people are not.
"Righteousness" never enters into it.
Regular people like you and me have sex, smoke pot, and hang out regularly on a day-to-day basis.
Well, regular people like you. I don't smoke pot, nor do I have sex irresponsibly, and though I socialize, I do other things too. See, this song really doesn't apply to me, because I take responsibility for my actions, and THAT is what this song is about.
You will notice he doesn't condemn sex itself; he goes after deadbeat dads, and their female equivalent. People who, although they've come of age, they're not ready for sex. Not really.
This song is going after, not people who indulge in the occasional doobie, but people who think there's nothing more to life.
If the song offends you, you should be taking a long, hard look at your own life.