I'm more curious what it was like in the *early* 90s... anyone have info?
I graduated in spring 00 and yes had 4 job offers, turned down a number of interviews, and got a great deal. However, I had a lot of work experience and knowledge in my field, and went to a good school. Currently the company I work for is desperately trying to hire good computer people - I personally interview about 4 a week and most of them suck.
Honestly I think if you're good, you can always get a job. The problem is that when there is such a glut of out of work people out there, it can be very difficult to sort through them, and I think a lot of the good people get lost in the crowd. The way around it? YOUR RESUME. Make sure that it clearly lists what you're good at and what you know. If you don't have applicable work experience/internships/etc, GET THEM. If there are "holes" in your knowledge, go buy some books and read up on them.
In a tough environment like this, you can stand out from the crowd by showing that you're motivated to learn and will even do it when you don't have to. For computers - Set up your own network at home. Install (and understand) different OSes. Read about networking, programming, hardware, whatever. Show that you are well rounded and well informed and you are a more valuable employee.