I suspect this could be true. A lot of my friends from Princeton and Upenn still don't have jobs, and its been a few years. The ones that did well were engineering and finance degrees, and even then most were looking for jobs from around 3 months to a year.

I've also noticed their parents seem more desperate to support their families, some taking part-time jobs post retirement. The most extreme example I can think of is one friend's dad an engineer who couldn't get hired became a barber(in the midwest). It really seems like a bad situation for everyone, like there aren't enough jobs for everyone.