Where are all these mythical talented engineers working as cashiers and waitresses?! Last time we hired I interviewed tons of people who frankly had zero clue about programming. We finally found a kid fresh out of school who is super smart, but barely takes showers. At least he gets work done though which makes my day easier and that's what counts ;)

At worst a CompSci person should be able to go into government contracting. They are nearly always hiring, mostly require minimum schooling, and the pay is usually pretty good.

There are some fields that usually require more than an undergrad degree to do much with them, but that's isn't anything new. Psychology is a great example, where you have to get an MS or PhD in order to go anywhere with it. If the student didn't realize that till graduation day, well that's their fault.