Here are the facts:
Approximately 1 out of of every 2 recent grads is unemployed or working in a job that doesn't require a bachelor's degree. That's the highest share in over a decade. Recent graduates are now more likely to work as "waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined."
It's a hard time to be unemployed -- but serious effort can still bring results.
Krugman's advice? Take whatever you can get when it comes to your paycheck, and remember that you're not just a jobseeker, you're a citizen. Work is such a large part of our lives that unemployment has a way of making us see ourselves myopically. But being jobless doesn't mean you can't be a connected and engaged participant in the world. Look to other arenas of public life, besides the workplace, to find your way. The important conversations are no longer happening behind closed doors, anyway -- the most powerful people from journalists to professors to politicians have never been so transparent or accessible as they are today.
"This is the great age of the intelligent person who wants to keep abreast and can become highly educated, can become an expert even without those formal qualifications," says Krugman. And the world will be more ready to make use of you when this crisis ends if you have been keeping up with the world.