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PhD programs in the US are in for some big changes. Humanities and social science fields probably produce too many PhDs and will need to cut back. But a big expansion of government-funded research could prevent a similar fate from befalling STEM PhDs.
The overproduction of PhDs has been an issue for years in the US, which has a higher rate of doctorate holders than almost any other rich country.
That by itself isn’t a bad thing; it’s generally good to have a more educated populace, and US researchers help keep the country’s knowledge industries at the forefront of the global economy. PhDs contribute substantially to the university system, providing a source of cheap, highly skilled labor for both research and undergraduate education.