Earlier quoted context omitted.
When I was a grad student in the mid 80s, we got the same basic news on our first day. We were still there on day 2 too. I think the idea that we were duped into attending grad school by inflated expectations of academic employment is something we fabricate in our own minds much later. A lot of just enjoyed studying science.
Not to discount your story, but weren't the financial implications of a PhD in the mid 80s and the mid 10s drastically different? If the benefits, the joy of learning and chance of getting a job, are the same but the costs, the massive amounts of debt you need in modern times, are much higher, but the number of PhD students is the same doesn't that mean something had to have changed? Maybe learning is more enjoyable…
You will not get paid well as a PhD student, but there is no massive amount of debt involved either (and again, whether there are opportunity costs is a separate topic).