I'm not seeing it either. The only engineers I met who are 'under employed' either left the field intentionally, decided to go backpack Europe for 3 years after they graduated (some fields it definitely seems like if your not in the field for awhile the value of your degree vanishes), or they graduated and moved to a place where I live with a ChemE degree looking for ChemE jobs when we have maybe 2 companies in town that hire a small number of ChemEs. It is a highly desired location, so why pay an inexperience ungrad when you can score a ChemE moving into the area with a decades experience at a good price.

Another good one. We hired a person with a MechE degree with experience working at JPL into our customer support because they are so in love with the area because of easy access to winter activities (snow shoing, skiing, etc).