Regarding younger people today, my sister just got her Masters Degree. Her classmates were all jealous and surprised that she had a job waiting for her and she actually started a week before walking for graduation.
She was telling me - the reason she had a job lined up was
a) she got her thesis done
b) she did an internship last summer
c) she was willing to take an entry level job in the field - because she understands a masters doesn't get her hired as a manager and 6 figures starting out.
So she's getting paid, and real experience in the field while her classmates are all complaining that no one understands their worth or hire them for enough pay or at a high enough rank!
I've found that if you show up to work, do your job the best you can, and try and be professional you either get promoted or are set up to take a better job based on your experience. A little bit of luck along the way and you can do ok, even in "today's economy".