Yes, it’s no secret that there are too many PhDs and not enough jobs, particularly in academia. Partly this is because tenure-track positions often open up only when professors die or retire, and senior scholars have been increasingly reluctant to retire, not least because they’ve been immune from mandatory retirement since the mid-1990s.
It’s worth noting that job prospects for PhD students vary not only between fields but also universities. Someone with a PhD in history from Yale or Chicago is much, much more likely to get a job in academia than someone with a history PhD from, say, USF or Texas Tech.