Needless to say, your undergraduate degree doesn't do much in the way of offering direction when it comes to both applying to jobs or grad schools. What next step is there for recent grads with a few summer internships to show for themselves.
Yes, it's bleak compared with what it's been in the past. And, no, there isn't the same return on investment that a college degree once guaranteed. But those are largely forces out of an individual graduate's control.