Mark, I get that under-employment is a big problem, but it’s been so for…well…ever. I think there’s a need to start de-linking graduate school attendance and jobs, and focus on education for its own sake, at least more than is the case now.
As an aside, for a number of fields, graduate work provides graduates with lifelong flexibility, provided they don’t specialize in arcane areas. So many of the skills and attitudes one can learn in grad. school have a lot of lifelong power over a career, but few think of it over the long haul.
My grad. work prepared me to do so many different things to make a living, and to have interesting careers, a number of which I’ve explored.