I am clinging to the hope that 'things will go in cycles' as the current situation really does seem so bleak to me.
I subscribe to the view that the decline of Britain's manufacturing base and the growth of the service industry means we have a generation of children with degrees 'expecting' to get a white collar/office job regardless of whether it's really the right thing for them.
I did a lot of recruitment at my last job and will admit I used to get pleasantly surprised when I saw a CV with a decent grade degree in an academic subject from a good university - they really were like hen's teeth. CVs with lower class degrees in Business or Media Studies on the other hand I could have papered the office with.
The industry I was in was completely oversubscribed at the lower entry level - and of course even if you get into that career path the jobs thin out as you get higher, I ended up stuck at the same job level with no hopes of promotion for 3 years before I realised I wasn't going to get any higher. It was so demoralising and I wish I had had the guts to get out sooner.
Mind you I can see trends like this going back to the 60's and earlier - my dad, for instance, is a very outdoorsy person and should have had some kind of job where he could be mainly outside - land/forest management, surveying, field work, etc. However his parents would have thought that 'common' so pushed him in an academic direction and he ended up stuck in a boring office job for years. As soon as he had the option to take early retirement and could afford to (ie after I had left home) he went and did the job he'd always wanted to do - not earning much, but getting a lot of satisfaction. Waiting until he was 50 to get to do that seems a pretty tough sentence to me.
So DH and I are definitely not going to push our children down an academic route if they don't seem suited to it. Just hope they can find fulfilling and interesting work when the time comes!