Are Ph.D.s an academic dead zone?

studentstormrect-460x307These days, a doctorate is as likely to inspire pity as veneration. Universities are cutting back on tenure-track jobs. The federal government is laying off scientists. The economy, meanwhile, is skewing ever harder toward resource extraction, where the demand for highly specialized knowledge is limited. This confluence of forces is starting to show in the numbers: At last count, Ph.D. grads were more likely to be unemployed than master’s degree holders, while those with jobs enjoyed a median income only eight per cent higher than their master’s counterparts, at $65,000 per year. Are Ph.D.s an academic dead zone? 

I'm just putting this out there ;)