I would suggest that graduate programs begin requiring applicants work for a year or two before applying for or starting a PhD (not unlike MBA programs). This

I would suggest that graduate programs begin requiring applicants work for a year or two before applying for or starting a PhD (not unlike MBA programs). This would help bridge the gap between the academic and working worlds and provide students with some much needed savings to carry them through graduate school as well as a potential placement after graduating. And, having seen what they can earn in the working world, only the truly dedicated would accept a graduate student stipend for five years, solving the PhD overproduction problem.