Mck you are absolutely right! I have MS in CS(Algorithms) and BS in Math and I have been looking for a job for the last 5 months and there is only something like 5% entry level postings (and I am being generous with this statistics). Sometimes I wonder if some people were born with experience. And if as an entry level you get lucky to get an interview, you have at least to be Einstein, remember by heart every course you have taken and know almost everything having at least some "hands on" experience...Believe me after studying (+ research) for 7 years if I dont get a chance to work sometime out there in the real world i wont ever gain hands on experience.
I want to hope that there are still employers out there that trust educated people and give the chance to them to show their potentials.
p.s Please forgive my frustration.