I'm finishing my PhD now, while working. I just got hired a year ago, and make about as much mentioned (+/-, if you want to count guaranteed bonuses, etc.). Great benefits. The software developer market, for people who actually know what they're doing (e.g. C++, not PHP), is *hot*. Recruiters are calling everyone (even at work), and I'm going on my second recruiting trip next month. Anyone who can remember any specifics from the last 3 years of their undergrad CS degree would be nice. My employer hires non-CS and trains them how to program (for *months*, paid at full salary the entire time), if we can determine they're smart enough to learn.
The real issue is that most people calling themselves programmers can't even write a linked list or binary tree *TYPE*DECLARATION* without spending a half hour on google. They don't get hired, because they're not very good. But they're happy to complain that they don't need it in real life -- which is true, for the lower-paying jobs they'll get hired for.