>when I was fresh out of college all the entry positions I saw required several years of experience
Same. That struck me as particularly BS'y. I asked career counselors at my school about that and they said to "embellish" my background a bit, but not to lie. The specific advice I got was if you worked as a developer on a short term project a year ago that would count as a year of work. If asked about it the advice was to just explain what you really meant. It made me feel uneasy because if seemed disingenuous, but I went with it because I needed a job.
This made me really question what does a "year of experience" really mean? 60 Hrs/wk for a year is not the same as 20 Hrs/wk for a year. If you could use a month of work a year ago as a year of experience, what else could you stretch? At that point you could question what does anything really mean on an application? If it has super high qualifications, how could you take it seriously? You can just rationalize away anything! Can't you? 4+ years of experience? I basically got that. 2+ years in some specific programming language? How different could it be from C++? I got the basic concepts down, I can figure out the rest, just give me money!
You miss 100% of the shots you don't take and the worst you will hear is the word 'no'. You need a job to pay off the loans you needed to get the degree to apply to the jobs in the first place. If experience inflation is a reaction to an insurmountable volume of applications then what businesses are really doing is filtering out the honest people.