Some grad students are finding a third path, remain a grad student. The pay is poor, but sometimes the work is interesting enough. After 8-10 years you've mad

Some grad students are finding a third path, remain a grad student. The pay is poor, but sometimes the work is interesting enough. After 8-10 years you've made enough contacts and gotten enough job interest that you have choices for doing something else. If you invent something truly new and useful that can lead to an income as well. It is quite obvious that getting a PhD is not a sustainable path to working as a professor once the number of PhD's exceeds the retirement rate of the profs.