I'm a huge fan of Steve Jobs' commencement address to Stanford's Class of 2005 (in my mind required reading for all graduates), but so much has changed since then. If I were graduating in the US or Europe now, under the current economic climate, I'd want Bret Stephens at my commencement speech.
Yes, his tone is a tad pessimistic, but Stephens’ letter is a definitely a no-frills, say-it-like-it-is and above all, honest, word of advice for graduates.
Dear Class of 2012:
Allow me to be the first one not to congratulate you. Through exertions that—let's be honest—were probably less than heroic, most of you have spent the last few years getting inflated grades in useless subjects in order to obtain a debased degree. Now you're entering a lousy economy, courtesy of the very president whom you, as freshmen, voted for with such enthusiasm. Please spare us the self-pity about how tough it is to look for a job while living with your parents. They're the ones who spent a fortune on your education only to get you back— return-to-sender, forwarding address unknown...
Full text here at WSJ.