I have a CS degree but I've been working in a tool shop for two and a half years. My sister graduated last summer and only just now got an offer for a job with starting pay that's only a little better than the crappy job I've been working. People that started their careers when the job market was better haven't been paying attention, and they will remain blissfully ignorant of how fucked the job market really is until the day they get caught up in one of the next waves of layoffs and get a 2008-esque reckoning on the reality of the situation that they absolutely aren't prepared to face.