Yep, pretty much.
It's worth it if the alternative is sitting around watching TV for $0/hr instead of $8/hr or w/e minimum wage is for you. Certainly don't quit until you have a new job lined up, because let me assure you, as much as "unemployment is down" the reality is it's harder than ever to actually get a job if you don't have one. I agree that it's difficult to justify a job that puts you in danger, but you have to wonder how "safe" you'll be, long term, if you leave the job and end up unable to support yourself, pay for an apartment, etc.
I think part of your solution is in your own post: instead of "watching TV all night" why don't you try to get a degree of some sort. Not, of course, one of these silly degrees for the sake of a degree. If you can get your hands on a cheap laptop, or if you have one, try teaching yourself a programming language. I know these qualifactions are not the same meal-tickets they used to be, but imagine going to an interview a year or two from now with a technical associates degree and two years of experience, even an hour or two a day, in Java or HTML or something. I guarantee, even in this economy, you'll find something $13/hr or more if you look hard enough with those new assets on your resume.