Ostrich Syndrome Yes, Academia, Winter Is Still Coming
The business model for PhDs is functionally off. Graduate schools are minting far more PhDs than the market can absorb. The problem is that the post-World War 2 university system was built on the assumption of an ever expanding population of students needing more and more higher ed. Therefore there was a need for each generation to produce more professors than the last. This is not unlike what plagues other blue mode constructs such as Medicaid and the various defined-benefit pension schemes.