Tell your friend not to give up. I have a similar story.

I graduated around 1975 during the Jimmy Carter caused recession and there were no jobs. My major was in Physics and I couldn't get a job so I lived with my parents and made lawn sculptures for money.

Then I decided to go to graduate school figuring that when I got out the economy would be better. Three years later with a masters in the computer medical field things were better and I got a job. Amazingly, my education debt was only $2,000 which is another thing that has changed. Now they screw you for an insane amount to get a degree.

I might have been called a loser back then and for sure the economy right now is worse then back then so your friend is no loser for not having a job. He will be a loser if he doesn't figure something out soon. But it has never been tougher. Those bastards in Washington have pretty much ensured the recovery will be long in coming and painful for all.