No, blogging is one of the greatest ways to making money online. What makes it hard is that people fail to deliver content to their blogs which hits the search engines and brings you great search traffic. Consistency is the key in this one but overall the money is mainly in the time and effort.
As mentioned above,I think you could be looking for a little motivation here..I really enjoy my blogging and other online endeavours and I make some cash.I also pretty much speak from the heart on my blog,but I also try to get my facts right.Its a good combi to try. And I get damned for who I am! I suggest you do the same.Then the bucks will roll..
What you could do is turn those Adsense ads into advertisements for affiliate products - generally speaking, if you can find a quality affiliate product that converts into sales, you are going to earn a lot more money than you would with Adsense.
I don't think blogging is a bad way when we think about making money from them. I think one should try more than one revenue stream when we look at ways to monetize our blogs
I think blogging is a good way to make money online. But you need to know how to do keyword research to find potential niches with relatively low competition.