Is now the worst time to enter the work force?

Is this the worst time you can remember to enter the work force?

Each part of the world has obviously had their fair share of crisis' in the recent past. But what is happening now in the world is a pretty widespread shared problem. I can't talk for all of Europe, but in America we are in a world of s**t it seems like. Peoples wealth is shrinking without them changing a damn thing that they are doing. They still go to work 9-5 everyday and take their 2 weeks vacation per year. I understand housing prices in America were inflated and it was a bubble, but people who are conservative investors are getting absolutely pummeled in their retirement accounts, personal accounts, and their wealth is contracting in a manner that could never be foreseen. It seems the more conservative in the United States you are with your money the more you are getting screwed. Banks are getting bailed out (which I don't agree with but I think is necessary), people who signed mortgages are bailing on them or asking to reduce their principal payment even though they are LEGAL CONTRACTS, and if you didn't invest any of your money to these "strong, stable, secure" companies that fed on this irresponsible spending.... then you are in the clear.

At the same time individuals wealth is contracting, spending is contracting, and the real winner is the fact that jobs are contracting. They are talking about the unemployment rate in America reaching record highs. Firms are shutting down, firms are cutting jobs. Firms that are *at best* stable are able to cherry pick the best of the best talent. Those that lose jobs take all the part time jobs available.

I've been trying for the past month to find a part time job. ANYTHING. Deliver pizzas, work at a gym, work at a grocery store, and there is nothing. I went to Europe in September when jobs in America were still considered "stable" and the economy was "slowing but healthy" and investment banking (the area I wanted to go into was still chugging along. I get back from Europe, and investment banking is almost non existent, and the healthy firms (which I'm not sure there is even a healthy firm in the US anymore) like goldman sachs, can get the best of the best from the unhealthy firms. Even firms like Goldman Sachs were letting go of VERY qualified individuals.

I am so excited to graduate, but the industry which I grew up as a kid fascinated with is in absolute turmoil and there really aren't any jobs. Finance is not the only industry that is having severe problems.

None of my friends seem to be worried, but I think they are oblivious to what is actually going on in this country, and are excited to graduate and think a job is going to fall in their lap.

Even though I am excited to graduate, and it's going to happen, I am absolutely freaked out about attempting to start my career in an industry that may not even recover in my lifetime......

So I ask you... is this one of the worst times you can remember exiting college and attempting to enter the workforce among this worldwide slowdown?