I was referring to academics specifically. While I agree 'bad' isn't an unfair way to feel about the market, I would say it's because expectations have been set

I was referring to academics specifically. While I agree 'bad' isn't an unfair way to feel about the market, I would say it's because expectations have been set by boomer mentors (in their 50s and 60s) that graduated into a job market that was expanding and could absorb them. Now we have hit equilibrium, and there isn't demand for people who study Foucault, Jung, or build a career around authors from 1850-1950 anymore. The gig is up, and graduating from anything other than a the most famous names just want get you a job anymore. Not 'good' or 'bad', but certainly 'is', for better or worse.