Hell, our graduates who can barely communicate in english are getting great jobs.
That's because the first thing an employer thinks when they find someone with broken English is "Cool, temporary worker, I don't have to provide benefits!", A 70k job without benefits in Boston or Silicon Valley is basically equivalent to a minimum wage job in other parts of the USA. You can live on it, but its got no future.
I graduated in the 2001 meltdown, and was unable to get engineering work. I took whatever work I could get, but ultimately, I joined a start-up instead. Where I currently live, there is nothing in engineering jobs within 200 miles in any direction. I'm not saying there is nothing worth having, I'm saying there is nothing at all. I went looking to find out what I should offer when i needed to bring on my first employee, and discovered I could offer 30k with minimal benefits, and I still got over 300 applications. I ultimately ended up paying 45k with somewhat better benefits, because I was impressed by the guy, but I probably could have held my ground and still got him anyways. Down the road, I expect he will transition well to a leadership role as we grow further.
If you look on monster.com, or dice, for "engineering", there are remarkably few postings. For the geographic northeast USA, there were only 35 new postings per day, for all jobs matching the term "engineering". That is out of a population of 50 million people. By contrast, my school graduated 2000 engineering students the year I graduated. In the US, every year, more than 50k engineering students graduate. That's only enough jobs for the existing graduating class for this country, add to that the 600,000 Chinese graduates and 350,000 Indian graduates who are all competing for these same jobs, its no wonder everyone wants to increase the H1-B visas. If we could expand the labor pool to include both of those labor sources, we can thoroughly unbalance the supply and drive labor costs down. The labor supply in both China and India dramatically outweighs the demand, in large part because of the belief in the ability to enter the american job market. These people do not want to live in the states permanently, just stay a decade or so, and save up to retire "back home". An Indian worker can earn enough in the US in fifteen years to effectively retire when they return to India. For rural Chinese, the duration is even shorter, although the cost of living in China is increasing rapidly. These are people that american companies do not have to pay benefits, nor retirement expenses for. This effectively cuts the payroll expense in half, even if the worker earns the same wage.
As a former job seeker, I fully understand how it sucks. As an employer, I am in a position to pay an american worker, but largely because in my current line of business I have no effective competition yet. When that changes, and I have to compete, I will be taking the least expensive option.