The bottom line: the recession sucked, but it sucked most if you did not have a college degree. From the report:
"Although all 21- to 24-year-olds experienced declines in employment and wages during the recession, the decline was considerably more severe for those with less education."
"The comparatively high employment rate of recent college graduates was not driven by a sharp increase in those settling for lesser jobs or lower wages."
"Out-of-work college graduates were able to find jobs during the downturn with more success than their less-educated counterparts."
College is insurance against bad economic times. If you are (or know) a recent college graduate upset about current job prospects, go out and agitate for more stimulus spending, or looser monetary policy, or extended unemployment benefits. But don't go telling people (especially teenagers!) that a college education is a raw deal. It's the safest harbor during stormy economic times.