The labor market is in utter shambles

I do a lot of hiring and managing of recent grads and it seems like there's a tremendous lack of supply and an absurd amount of demand. I get 50-100 applications a day for any given job. I've had to triple the salary for any given role and benefits in order to be competitive. It's unreal to think that a 22 year old is making $120k with an engineering degree and no experience out of college. I've never been more happy to have graduated in 2008.