It's not the PhD per se, but the discipline. Social science? Yes, waste of time completely. Plus you will be surrounded by losers.
PhD in physics or math from a place like MIT? I'm pretty sure you can find gainful employment that pays significantly more than the median wage.
Edit: not advocating for PhD in any discipline.
PhD in physics or math from a place like MIT? I'm pretty sure you can find gainful employment that pays significantly more than the median wage.
Edit: not advocating for PhD in any discipline.