As others have posted: the hurdles are higher now for college grads. Often an undergraduate degree alone is insufficient--employers can demand advanced degrees from applicants, whether or not an advanced degree is actually a requirement for a job.

When I was going to college, the classified job ads always had columns that started: "College grad wanted..." Companies like AT&T, Metropolitan Life, etc., would take any college grad with any kind of degree as a management trainee. Not today...