This is a horrible job market for young people who have recently graduated from college

Don't major in fun but useless majors.  The bottom line is that young people are most likely to be unemployed and even if they do get a job it is a low-skilled job that their college degree isn't remotely related to.  From the Associated Press:

. . . The figures are based on an analysis of 2011 Current Population Survey data by Northeastern University researchers . . . . They rely on Labor Department assessments of the level of education required to do the job in 900-plus U.S. occupations, which were used to calculate the shares of young adults with bachelor’s degrees who were “underemployed.”
About 1.5 million, or 53.6 percent, of bachelor’s degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. In 2000, the share was at a low of 41 percent, before the dot-com bust erased job gains for college graduates in the telecommunications and IT fields.Broken down by occupation, young college graduates were heavily represented in jobs that require a high-school diploma or less.
In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). There were more working in office-related jobs such as receptionist or payroll clerk than in all computer professional jobs (163,000 versus 100,000). More also were employed as cashiers, retail clerks and customer representatives than engineers (125,000 versus 80,000).
According to government projections last month, only three of the 30 occupations with the largest projected number of job openings by 2020 will require a bachelor’s degree or higher — teachers, college professors and accountants. Most job openings are in professions such as retail sales, fast food and trucking, jobs not easily replaced by computers.
College graduates who majored in zoology, anthropology, philosophy, art history and humanities were among the least likely to find jobs appropriate to their education level; those with nursing, teaching, accounting or computer science degrees were among the most likely. . . .