> Because a PhD is useful for a lot more than getting a permanent academic position. My first "proper job" was at a research division of a big corporation. They had ~20 PhDs when I started and expanded to ~100 over 3 years. I don't think any of those people would say their PhD was wasted because they didn't get an academic job at the end of it.
Why do they have so many more PhDs now? Because PhDs are a now a dime a dozen, not because a PhD itself is valuable. The opportunity cost of a PhD is four years of lost income during prime employment age, plus extra student loan debt.
Even with a higher salary (and higher tax burden), it's not clear that you come out on top during your lifetime. If you don't come out on top, it's a waste, unless maybe these years you spent doing your PhD were the best years of your life (probably not).
Why do they have so many more PhDs now? Because PhDs are a now a dime a dozen, not because a PhD itself is valuable. The opportunity cost of a PhD is four years of lost income during prime employment age, plus extra student loan debt.
Even with a higher salary (and higher tax burden), it's not clear that you come out on top during your lifetime. If you don't come out on top, it's a waste, unless maybe these years you spent doing your PhD were the best years of your life (probably not).