The missing half of this article is the failure on the part of academic departments to even acknowledge this problem publicly in their recruitment process.
I was an astrophysics Ph.D student at a fairly well-known program until last year when I left with an M.S. to go full time for the web development shop I started. It was a good decision on my part, for sure, but what really struck me is that after I broke the news to my advisor, he was quite open with me about how poor the job market is (not that I wasn't already aware). He and many other faculty members in the department sung a very different tune to me and my classmates during the recruitment process, as did my undergraduate mentors. This is an endemic problem throughout astronomy (at least) and probably many other disciplines in the physical sciences as well.
Even the students often seem to have a sort of Stockholm syndrome about the problem. I still hear from lots of my former classmates that a.) they're well aware of the extreme shortage of jobs in astronomy, b.) they're not seriously expecting to get an academic job and are aware that there are virtually no non-academic jobs doing astronomy and c.) they'll figure out how to get a job "in industry" (i.e. what the rest of us call "having a job") when they finish.
Many students in these programs seen to labor under the assumption that if academia doesn't pan out, their programming skills or quantitative knowledge will make them good candidates for a software or finance job. This is not really as true as they think, since as most HN readers are aware, good developer jobs entail knowing about a lot more than just a programming language, and the sort of programming and quantitative analysis you do in Ph.D research is really pretty far from what those of us in the private sector do with our programming skills.
Nonetheless, a lot of these same classmates would go full-out with their encouragement of prospective students when they came to visit. In my last year at grad school, I remember going on a long rant at the prospectives about how bad an idea a Ph.D in astrophysics is, and the looks of horror on my classmates' faces.