You ain't whistling Dixie bro!
PHd's are a dime a dozen. There's more unemployed (or underemployed) PHd's walking around than you can shake a stick at.
Certainly in the US - most of them are living in their mom's basement wondering how they'll pay back the $400,000 in non-dischargeable debt (which is accruing interest at 12% a year) on their jobs that are paying $40,000 (if they're lucky)
The PHd market is oversubscribed. The Economist famously wrote this article 5 years ago and things have gotten a lot worse since then:
http://www.economist.com/node/17723223/I mean, how intelligent do you have to be to end up with a PHd, tons of non-dischargeable debt, and either no job or a job that pays peanuts? LOL! Unfortunately for many folks their foray into the world of doctoral research has proven almost as bad as having a JD from a third tier law school. Shmucks!
I understand things might not be as bad in the UK - I'm speaking on the US (and to a lesser extent Canadian) experience - but for me, you can keep all your fancy diplomas, sheepskins, and the short-lived novelty that being a "doctor" brings with it. I'll just take the cash!