The economy is going down the crapper fast.  Over 70K jobs were cut in a single day!  Check out the article at NDTV

It is definitely starting to hit home too.  I know several acquaintances that lost their jobs last week.  Plus, I know several teachers who were already told they won't have work next school year.

What the heck do we do now as young graduates?

Ever thought about doing freelance work, sites like elance.com have plenty of postings for skilled work.  If you don't think you have the skills for free lance work.  Check out their article about 100 things to hire for free lance Top 100 Jobs You Can Elance

That's right, 100 different ways to make money! 
Just pass a few tests (should be good at that or definitely would not have made it through school) :)
Figure out what you are good at and start bidding on projects, not much else to it.  Even if you are in a job, this is a great way to supplement the wallet.  Build your skills and if you find something you are only decent at, but want practice, bid cheap, explain the situation and you and the customer will both be better

Image courtesy of the Library of Congress (LOC) via Flickr

Certifications are an excellent way to demonstrate proficiency.  Depending on your career, there are numerous certificates that can help make up for lack of experience.  For almost any knowledge worker, proficiency in Microsoft Office products can move you up in the candidate pack, plus having a certificate to back up your claims on experience is definitely more credible.
Check out Microsoft Certified Application Specialist Series

They offer application certifications in all the main Office products and they an excellent way to ensure you completely understand the products and they are fantastic to add to your resume.