If you have a CS degree and you live in Silicon Valley changes are pretty much that you're one of the best educated people, in the richest country in the world at the place with one of the hottest economies of the moment. I would bet that you had to work really hard to be unemployable.
I would bet that a lot of people with CS degrees in Greece, Portugal or Spain have a very different story to tell.
People with CS degrees in other cities and towns in the US also have a different story to tell.
Wealth consolidation is a regional effect, and there are plenty of well-educated, hard-working potential CS engineers who make the wise choice to not risk living in a high cost-of-living environment for the chance to join a startup that is more than 50% likely to fail.
I agree and even within the CS field it can be a very different story. I had no problems getting a traineeships as a programmer (fun and challenging!) but eventually I would like to find a job focused on usability engineering.
It's almost impossible to find a job in that field (unless you have a lot of experience and proven results).
I would bet that a lot of people with CS degrees in Greece, Portugal or Spain have a very different story to tell.