(long post ahead)
It seems to me that the people who are suffering a lot at this time are the fresh-out-of-school people who do not yet have work experience.
When I first entered college, I chose to major in biology. I earned a bachelor's degree and then a master's degree. But I was unable to get accepted into a PhD program. And biology is a degree that you can't do much with unless you train to the level of PhD. You might be able to become a biology teacher, but if you want to become a biologist (as I did) you really need a PhD degree. And even if you have a PhD degree... getting a job as a biologist is difficult even when the economy is good. And now, at this time, it's almost impossible.
Since biology didn't work out for me, I then decided to get a degree in medical laboratory science. A much more in-demand field. And even with this new training... I was job searching for over a year before I finally found a place to work. I feel like I just barely made it. If my job search had dragged out much longer, I think people would not want to hire me because my experience is not fresh.
So, these are indeed difficult times when you try to get a job in an in-demand field and it's still hard to do so.
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