How Has Our Worsening Economy Been Affecting Gen Y?

It seems like our economy just keeps getting worse and worse. Every time you turn on the news, or go to a news site online, the majority of the stories are about the various ways our economy is continuing its downward spiral. You can find plenty about Obama's economic stimulus plan, foreclosures and the abysmal state of the housing market, the rise in unemployment, Bernie Madoff's victims, and more...but, what I want to know is something the media hasn't been covering: How has our bad economy been affecting Generation Y?

Personally, there are two major ways that I have felt the economy's effects. Along with thousands of others, I was blessed to be a 2008 college grad, and thrown into one of the worst job markets in years. I applied to over 80 jobs before I was lucky enough to get this one. Difficult though that was, I do certainly count myself among the fortunate, as a growing number of people I know are losing their jobs. Also, our house is on the market, and though we had a decent amount of interest towards the beginning, visits have decreased drastically of late.

Though I could certainly go on and guess about the many ways the economy has affected Gen Yers, I'd rather hear from you.

How has the economy affected you and/or your friends or family? Are you jobless, or did it take you forever to find your current job? Have you had to make major sacrifices because of the state of our economy? Does Gen Y have a story to share that the news outlets are overlooking?

UPDATE: Read Matt Cheuvront's recession job searching story on his blog Life Without Pants.