A hypothesis for part of the problem that I've scrolled through most of this conversation and still not seen: Junior developers are having a hard time finding a job because
the tasks have gotten harder. As easy as people may claim "cloud" is, if a junior developer has to learn the three Javascript libraries, two backend languages, a devops cloud deployment system, and three monitoring technologies just to be able to break even on productivity, it's going to be hard to justify hiring a "junior dev".
When I got into web dev in 1997, we didn't even have source control to speak of. We barely used Javascript. All I needed was a template language and same basic HTML, and we put out a project that, at the time, was considered amazingly cutting edge by most people who used it.
If I were to try to hire me of 1997 now, I'd have a lot harder time finding something for him to do, because I'd have half-a-dozen technologies to train him on before he could even produce the equivalent of "hello world" that integrates correctly into a modern environment. All of these techs have reasons to exist. We found out about the server going down when people got frustrated about it being down and called us after hours of outage. We found out that something was eating 100% of the CPU the same way. Our "analytics" were mostly "Hmmm, nobody seems to be complaining, everything must be OK!" Automated testing? Literally never heard of it. And so on and so on. But people are not magically infused with this knowledge in college; in fact the curricula have barely changed since then (which I consider mostly a good thing), so it means that the bar to being a productive junior dev has definitely risen.
Fortunately, my team lately has been able to diversify and we've got some more projects that are independent from the legacy code base I maintain, so as we've been looking at headcount this year I've been able to say that we've got some positions for juniors now, who can work in a space that is more lake-like than sea-like, and be productive, and learn things, and develop. But last year I had to say that I've got nothing that wouldn't take at least a medium-skill dev to get anywhere in any reasonable period of time.
(And let me both open and close on the word part. I don't think this is the entire problem, and I agree with a lot of what other people said about other parts. But I believe it may be a quite non-trivial part of it.)