My last internship I was miserable in. Because I was working for free I had to take a second "real" job to make ends meet. In the end it worked out. I busted my ass, networked and after a few months, found a real job.

The dearth of unemployed college students means it's a race to the bottom. If companies could pay less than minimum wage they would. So the next down is to relist the job as an unpaid internship.