That’s not what we’re seeing among the recent grads we know. They can’t find jobs in their fields, but they are settling for service industry jobs. Plus kids we know with Bachelors are working a couple jobs, because nothing is full time, the jobs are not in their fields and pay is usually $10/hr or less.
At the country club near our house, young people (with bachelors, and not just “squishy” lib arts, but finance, and hard science degrees) are working part time as servers for banquets, etc. to make ends meet. They may have 2 or 3 part time jobs.
Our 24 year old has a good job, but he has his Masters, and needed his Masters for an entry level job at a Fortune 100 company. As I told someone the other day, the Masters degree seems to be the new Bachelors degree.
Keep in mind the news blurb from a few months ago that stated most new jobs were going to immigrants, legal or otherwise. It’s probably the case that foreign computer science grad’s are taking the jobs Americans need.