So only a tiny fraction of engineering grads got jobs? And starting salaries were still that high?
I wouldn't use the word "tiny". but first in line are people with experience, then the H1Bs, and finally the college newbies. and the other pheonmena I see at work - people who retire, are not replaced. they are oursourced/offshored instead. that's the most convenient time to do it, someone retires, no entry level person need be hired to replace them. its much less messy to not have to fire someone.