2/First of all, many people don't realize just how many PhDs we produce! More than almost any other rich country.
3/And we've kept ramping this number up and up.
5/The U.S. built a ton of universities and then we stopped.

Professors have tenure.

That means there are just going to be fewer new tenure-track jobs than before. Everyone in academia already knows this well.
7/Here's the market for anthropology professors.

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0202528
10/And colleges, under huge pressures to cut costs, have switched from tenure-track faculty to adjuncts and lecturers.
12/Of course, PhDs can go into the private sector. BUT, many doctoral advisors push PhD students toward academia. And grad school culture stigmatizes private-sector jobs as failure...
13/Plus, while STEM PhDs and some social science PhDs can often find private-sector jobs in their fields, many humanities and social science fields don't have good private-sector analogs.

This will lead to underemployment and resentment.
14/And social unrest really is a threat here. Dashed expectations can lead to deep rage at the system. And who better equipped to overthrow the system than a bunch of brilliant underemployed people? https://twitter.com/Noahpinion/status/1040785903201861632
18/But for many humanities and social science fields, a big federal bailout simply isn't in the cards. Nor is the private sector prepared to employ ever-increasing humanities and social science PhDs without severe underemployment.

We need to cut back on production.
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