NATIONAL REVIEW: America has a PhD surplus.

Agreed. Even in STEM-related fields, a PhD is overrated (for the record, I have a PhD in electrical engineering). A Bachelor's degree is (almost) mandatory; a Master's degree is a positive good; a doctorate isn't worthless, but the return on investment is at best break-even. Go for it if you want, but don't expect to make money on the investment (I didn't.)

In the humanities, a PhD may qualify you to be a taxi driver (if you have a driver's license); otherwise the best options are Starbucks and McDonalds....