No argument that those were also scary times as our governments started to understand the dark side of deficit financing (stagflation).
Having said that, I would propose that for a university grad today things are at least as tough if not more so. We had a job fair at ATI last year -- 25-30 positions and over 2000 applicants lined up around the building. In suits.
That was in a sector which is regarded as one of our few shining hopes for continued growth.