Food for thought: Is doing a PhD a waste of time?

With the somewhat provocative (and relatively depressing)  title “Doctoral degrees: The disposable academic” , the Economist addresses an issue that will probably touch a few cords- albeit for different reasons. In a nutshell, Academia is presented as a factory that produces PhD holders at a rate that it cannot (or does not want) to reasbsorb.  PhD candindates might be taken advantage of and work f0r little money and with no guarantees for a future position.

We are interested in hearing your opinions on this article. If you are a PhD student, does it reflect your experience? If you are a professor, do you find it perhaps unfair? What would you suggest to improve the situation?