Have you ever looked at the demographics of the unemployed?
They're not doctors and engineers.
The highest levels of unemployment are those that work labor jobs like construction or manufacturing. Those jobs are mostly worked by people that do not have a college degree, or in some cases, no high school diploma. Very few of these people are likely to be high income earners.
Maybe a majority of them are. There is still a large group of people that are working for much less money than they are used to and not using their degrees. There are people that had small business's and lost it all. As the economy grows, so will all sects of small business. Those people that are working as a bartender or waiter now can use their degree to get a job with a company that is growing, thus opening up a bartender job for someone who is more qualified. Maybe that person has some capital and wants to start their own business. America will not work without a thriving private sector, and Obama is killing it with regulation and taxation.