I've shared this anecdote before: When I was a grad student in the late 80s, we learned about the oversupply of PhD's compared to the number of available faculty jobs. In fact I remember it as a topic on discussion boards in my earliest experiences with the Internet.

I told my dad about it. He got his PhD in the 50s. His reply was: "Oh yeah, that was common knowledge when we got our degrees too."

He enjoyed a long career in industry, as have I, so far.