<p>You exaggerate a bit. I have a PhD in a social science and went through the job market right after the recession, and I have a full time academic job. I got a postdoc and the year after a tenure track position. Each of these years, I applied to over 100 jobs (granted, there are hundreds of applicants for each). There is a job market for PhDs from good programs, in social sciences, engineering, etc. Not in the Humanities, though. </p>
<p>All my friends with PhDs in different fields (ranging from Psychology to Math) found jobs (postdoc and the year or 2 after a tenure track position). Those in law school, another story, and they are in serious debt.</p>