I disagree. Her point is doing what you love is something that is only possible for a very small percentage of the worlds population. If you passion is film, running, medieval history, organic farming, sailing, computer games, designing clothing, or Harry Potter, your chances of making a decent living following your passion are pretty damn slim. If you are very talented and quite lucky you can a make lot of money, in film, computer games, or clothing design. The rest if you are talented and lucky you'll make an average wage.
Most people aren't very talented (meaning top 1-5%) in anything. The demand for painters, actors or singers who are better than 90% of population is roughly zero and the pay is the same. If you aren't in the top 1% you have no hope of making a decent living in many fields. Her discussion of the plight the struggling grad students in liberal arts, I think illustrates the problem very well.
But society has a real need for garbage men, logistic coordinators, meeting planners, buyers, actuarials, network admins, call center operators, and maids that probably nobody dreamed of doing when they were asked "what do you want to do when you grow up."
Now when Jobs tells a group of elite Stanford graduates "do what you love, some of them maybe talented enough to and many would have the connections to actual succeed at following their passion. But for the rest of the world, it is a pipe dream and sets an unrealistic expectation.
As well as telling people you are loser if you are not passionate about or love your job.
When I was young I wanted to be a cowboy, then a microbiolgist that discovered the cure to a terrible disease, then an oceanographer. The first two, no, but I did get to dabble a bit in the third one. Yes you are right not everyone will get a chance to do what they love, film, midieval history, and not everyone will be in the top 1% of anything, I think 99% will not make the top 1%.
And not everyone will save enough to ER. But that doesn't mean you dont try. I don't consider myself a failure because I never became a cowboy, nor should anyone consider themselves a failure because they didn't get to pursue their dream. But not having a dream, or having only one dream, yes then you can consider yourself a failure.
When I worked in a machine shop, I loved that, then started getting into computers and someone suggested that I should get into programming machines. NO WAY! I wanted to model biological populations. I had no interest in that stupid stuff. Turns out, that became my passion. I loved to program things that moved. I really loved it. I have seen other programmers who hated their jobs, but I loved mine.
In fact I loved my first job at 13 as a window washer. And the coffee breaks hearing the old guys talk about their WWII exploits, the train rides the prostitutes. I was determined to be the best window washer in the place, and I think I was. Then started painting (not art, interior walls), and I loved that too. As time went on I found different passions, but I have to say I did enjoy them.
Sure there will always be the need for garbage men and ditch diggers. But you know, there are a lot less garbage men, ditch diggers than there used to be, but more ditches being dug, garbage picked up.
Also I dont buy it that most people arent very talented. I think the opposite. Most people are not in positions where their talent is exposed or utilized. And you know, just like I enjoyed programming, there are people that love logistics, coordinating meetings, etc. It depends on how much control you have, and how much authority you have to make a difference.
Of course there are some people who will never find passion at work. That is fine, no failure at all in that! They find passion elsewhere, raising a family, religious activities, music, etc.
But all that does not diminish the importance of what Jobs was saying. Just because 100% cannot do something does not mean that you should not try. And just because you dont do it doesnt make you a failure. Different strokes..