From that article: "Why am I (a tenured professor of physics) trying to discourage you from following a career path which was successful for me? Because times have changed (I received my Ph.D. in 1973, and tenure in 1976). American science no longer offers a reasonable career path. If you go to graduate school in science it is in the expectation of spending your working life doing scientific research, using your ingenuity and curiosity to solve important and interesting problems. You will almost certainly be disappointed, probably when it is too late to choose another career."
People saying related things:
http://philip.greenspun.com/careers/women-in-science
http://disciplinedminds.tripod.com/
https://www.its.caltech.edu/~dg/crunch_art.html
https://web.archive.org/web/20130115173649/http://www.villag...
A previous comment I made with quotes from those links four months ago with various replies (then the topics was "Time to talk about why so many postgrads have poor mental health"): https://news.ycombinator.com/item?id=16725676
For all that, there are many good STEM-related jobs which seem to require a PhD these days, so obviously there are nuances to the topic and whether a PhD is worth it. If you are getting a PhD and someone else is paying for it (current job or a fellowship) and you already know and like the professor who you will be working for, and you already know of a good industry job prospect (in five to seven years, so hard to predict), and you like academic work, then it may not be quite as financially risky as otherwise (although it still may be emotionally draining). Also, if you are independently wealthy and do a PhD for fun, then again a PhD can make sense.
For people in the USA thinking about getting a PhD, consider schools in Western Europe as they tend to be more research-oriented with less-to-no classroom busywork.
It's sad things have come to this in a country with as much wealth as the USA -- especially given how much advanced research can (in theory) potentially improve people's lives if you are allowed to research such things.
Bottom line: as people have said here, a PhD represents a tremendous opportunity cost with a significant risk of having nothing to show for it.