I quit a PhD program in a social science and this is absolutely true of basically any field about which you cannot say "You need a degree in X to get that job".

Additionally, colleges and universities are increasingly not hiring tenure-track professors and instead relying on adjuncts to teach their classes. Adjuncts make almost no money, get no benefits, have no job security from one term to another, and often have to adjunct at multiple institutions simultaneously to make ends meet. It's basically the gig-ification of post-secondary education and it's awful.

I quit my PhD because I loved the field but it was very clear I wouldn't be able to live comfortably working in that field. Now I'm a programmer and I made more money at my first non-academic job than my PhD supervisor did with tenure and a decade of seniority.

That's interesting, is this worldwide or just in your country (America?)

I'm out of the loop, I had assumed the sausage factory was churning along ok.