Ph.D. Not sure route to Middle Class?

Basically schools are over producing PH.D's with a benefit to the school, but not to the students.

Graduates have:

• Poor job prospects
• Only 50% find tenure track positions
• Keeps the market flooded cheap adjunct faculty (which explains recent moves at some colleges for unionization of adjunct faculty).

The Academic Coin Toss - The American Interest

What was not mentioned is there is also a huge drop out rate for Ph.D's, as well as the cost.