Agree on both points. It's ironic, my pay is the same or less today than it was 5 years ago and it was lower then, than it was during the dot com boom.
I say all of this because there has been a significant upward tick over the last 5 years. Roughly speaking new grads are now making the same as what people with 5 years of experience made 5 years ago.
The interview process is intimidating, but many people would likely be able to get through it if they did a couple months of intensive interview prep beforehand.
Also, consider moving to the Bay Area, or another major city.