I attended a lecture yesterday with a friend who is doing her PhD, and it does seem that most overly educated people struggle to get jobs. She has three Masters and a law degree and can't get a job, and I do feel it's about who you know as well as what you have on paper. This makes networking and contacts, such as LinkedIn so much more important these days, or to have a good online presence if your networks are limited. It is sad that this happens, but it does. Also I read about some girl suing her law school as she didn't get a job. She may have got a degree, but getting a job is a totally different skill, based on personality and who you know, and no educational institute can help on those scores.