how bad the job market is for college graduates

From the NY Times - Thomas Friedman draws the wrong conclusion from it of course

Wendy Kopp, the founder of Teach for America, called the other day with these statistics about college graduates signing up to join her organization to teach in some of our neediest schools next year: “Our total applications are up 40 percent. Eleven percent of all Ivy League seniors applied, 16 percent of Yale’s senior class, 15 percent of Princeton’s, 25 percent of Spellman’s and 35 percent of the African-American seniors at Harvard. In 130 colleges, between 5 and 15 percent of the senior class applied.”