I can vouch this as I went to graduate school where I worked for 5 years at 8-10 hours/day including Saturday and Sunday for $12,000/year to get a PhD
Well, then don't do your PhD in the US. I did my PhD in the Netherlands, had a reasonable salary and a good work-life balance. I now work as a habilitant in Germany (roughly the equivalent of an assistant professor), it's the same: good salary, good balance.
The primary problem in the Western/Northern European academic environment is getting a permanent position. So, I might end up in industry in the end ;).
Well, then don't do your PhD in the US. I did my PhD in the Netherlands, had a reasonable salary and a good work-life balance. I now work as a habilitant in Germany (roughly the equivalent of an assistant professor), it's the same: good salary, good balance.
The primary problem in the Western/Northern European academic environment is getting a permanent position. So, I might end up in industry in the end ;).