It's a systemic problem. Individual universities don't get harmed by producing too many Phds. If the top 20 schools produce double the scholars needed to fill

It's a systemic problem. Individual universities don't get harmed by producing too many Phds. If the top 20 schools produce double the scholars needed to fill all the open tenure track spots in the US, they're not harmed. If anything, they can get away with paying new professors less. As taxpayers, we (in theory!) have the benefit of cheaper schools. The real issue is too many people enter the Phd world with blinders on, thinking it's some kind of guaranteed success. There isn't any.