Outlook bleak for college graduates

A couple of days after I write about the higher education bubble, the NY Times reports that outlook is bleak even for recent college grads:

Employment rates for new college graduates have fallen sharply in the last two years, as have starting salaries for those who can find work. What’s more, only half of the jobs landed by these new graduates even require a college degree, reviving debates about whether higher education is “worth it” after all.
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This may be a waste of a college degree, but it also displaces the less-educated workers who would normally take these jobs.
“The less schooling you had, the more likely you were to get thrown out of the labor market altogether,” said Mr. Sum, noting that unemployment rates for high school graduates and dropouts are always much higher than those for college graduates. “There is complete displacement all the way down.”
Meanwhile, college graduates are having trouble paying off student loan debt, which is at a median of $20,000 for graduates of classes 2006 to 2010.

The Chronicle adds more to this discussion from another perspective:

A report by Rutgers University, "Unfulfilled Expectations: Recent College Graduates Struggle in a Troubled Economy," says that 53 percent of college graduates from 2006 to 2010 have full-time jobs, while 21 percent are in graduate school, 12 percent are working part time, and 9 percent are unemployed.

Awful, the situation is.  I hope we will put an end to this soon.