Expanding on point 2 -
It should be noted that several students and workers in hitherto "hard" areas, such as finance and law, are also struggling today. Finance is yet to, recover its pre collapse heights.
So these industries are dealing with a glut of candidates to pick from, AND at the same time, many of the routine low mindfulness tasks, are open to outsourcing.
So even in the non Liberal Arts world, the landscape is fundamentally changed.
As someone said on the NYT boards - there will be no more isolated islands of prosperity.
The troubles of the financial sector are well known. Law used to be a safe bet, but the current glut of law graduates now means it's no longer a sure-fire ticket to upper-middle class life. Medicine is still, but only because so few people are allowed into medical school. It's such a high barrier to entry. Since you don't need a specific degree or license to be a dev, software's barrier to entry is only in the difficulty of acquiring the knowledge and experience itself, not in acquiring certification.
Even though I personally dislike most of Microsoft's products, I shudder to think what would happen if the wheels came off that bus, and the region were suddenly flooded with experienced software developers seeking employment.
How are employment prospects in fields that are actually productive, like, say, software?