An simple analysis of supply and demand explains the deteriorating of scientific community (living standard, funding, etc). Two academic departments stand out in terms of graduates' career path: business schools and medical schools.

Why? Because they carefully control the supply. In contrast, economics dept, who should be an expert in S-D condition, did not manage it well. If you are a professor, think how many Ph.D.s to produce in your lab for your entire tenure.

The problem becomes especially serious in pure sciences with little opportunities in industries. What is the future then? In my humble opinion, either we correct ourselves, or the market will correct ourselves. I know many scientists don't like free market, however, you all depend on fiscal policy for your next paycheck (even tenured profs).

For graduate students and post-docs, please go ahead if you're truly passionate towards research. It's a respectful pursuit. Meanwhile, if you are not so sure, it might be a good idea to gain some know-how in business, math, engineering, or law (patent/IP), just in case.