The use of adjunct faculty is going way way up in Colorado. That means less academic jobs, but PhDs do not have to get an academic job. I also see Georgia Tech, U of Colorado and other schools expanding and hiring like crazy in STEM fields, and shrinking in humanities and social sciences. Its a bad trend in my opinion.
I guess it really depends on what the PhD subject is, as to career options.
, in STEM fields, there are plenty of jobs for PhD. I got a PhD in materials science about 29 years ago and found a variety of jobs such as industry R&D, quality supplier manager, prior art searching, government lab manager and US patent examiner, where my PhD was at least mildly useful.
Many many people love grad school. Once the qualifying exam is passed, and many students have no trouble passing this exam, its rather like a very very nice job with a lot of freedom. Most people in the sciences feel their PhD time was like heaven, its not all that stressful, until year four five, six, (seven and eight???!!!) There is the stress of getting out, but really year 2, 3 and 4 are very very fun. Lots of travel, conferences, and collaboration in many science and math PhD programs.
Its totally KEY to get along with your research advisor. If you do not, change advisors.
Stress comes from conflict with the advisor. If you fail your qual, get out and find a job. Its not the end of the world,
and maybe you saved yourself six more years of agony and lack of money. PhDs never pay off with retirement. The best years of your life are being wasted at very low pay. Stay in it, IF you love it.