In this view, Ph.D. programs, with their false promises, lure students to serve as cheap labor, first as teaching assistants, then as poorly paid adjuncts when tenure-track jobs elude them.

While this is obviously not always true, there is definitely some truth to this. I could go into academia after my study if I want to, but I just don't see the advantages of adding knowledge to the scientific world outweighing the terrible salary, immense amounts of work and bad work prospects.