I think the high interest rates, poor consumer economic situation and remote work with outsourcing did way more to damage that jobs market than LLMs right now.

I am yet to hear jobs being replaced with LLMs but I hear about jobs moved to cheaper locations all the time. LLMs make workers more efficient at easy, low-stakes repetitive shit but don't fully replace them. Yet. They also don't replace accountability. A lot of times managers/corporations just hire to have a scapegoat to throw under the bus if the shit hits the fan. You can fire and intern for doing something wrong, you can't fire a LLM that fucks up, it's still the user to blame.

Couple with the bullwhip effect of too many grads going to University chasing those lucrative white collar jobs from the covid boom days and this is what you get.

>Recent grads at this point are just a legal/tax (sec 174) liability

Sounds like a US specific self inflicted problem.