This is Europe, but: my girlfriend is in this sort of situation, and she has a Master's degree in mathematics. Basically, if you can't enter a job with zero training, you're screwed. Everyone expects you to be 100% productive instantly. The entry-level has become unpaid if you're lucky, or disappeared completely.

A separate problem which compounds this is that European universities have been switching to the Anglo-American Bachelor/Master system from the previous diploma system, and many employers consider these new titles to be worthless.