This is interesting to me.
I'm 20 years old and I'm not in college nor do I plan to finish a degree (and if it wasn't for technology greats like Peter Thiel and PG advice, I might still be making a $100,000 mistake). I'm a fairly normal guy, I've been out of high school for 3 years now and I'm making slightly less than Bureau of Labor Statistic's 2010 Median Income for 'Software Developers', which I believe is more than enough to not be considered underemployed.
I see a lot of psychic pain in my peers about how hard work is or the labor market is so difficult, but to be frank the failures I see are directly attributable to plain laziness in a generation addicted to easy and inane pleasure.
I'm afraid young people of today are losing the real virtues of life like living with passion and taking responsibility for who you are. The ability to make something out of yourself and feeling joy in life is more alive today than in any other point in human history.
I see a lot of active rejection of the ideals of hacker culture, perhaps epitomized by my generation's obsession with video games (which, incidentally, I think could be argued as more detrimental to human wellness than even the most societally hated and destructive addictive stimulants like methamphetamine or cocaine)
This is really a shame, as one thing that comes out of hacker culture is a feeling of a real kind of exuberance about your work. Your work is yours to create. I've read the college labor statistics with some interest, even fear. But when I read them, I can't help but think that something essential about our generation and present technological zeitgeist is being left out. As if somehow our work is simply just a confluence of forces far beyond our control, framing college graduates as fragmented or marginalized which opens up a world of excuses.
From Chaitin to Stallman, when hackers talk about the meaning of work, they're not talking about abstract decisions, they're talking about doing something that has concrete consequences. It may be true that there are seven billion people on the planet, never the less, your work matters in material terms.
In short, I'd encourage any young person my age to not write themselves off as a victim of societal forces. It's always our decision who we are and what we do with our lives.