As someone with a phd from a Big 10 college and is (happily) teaching at a community college, I think graduate schools are admitting way too many students. The math for universities is simple: more grad students = more cheap labor = fewer tenure track jobs. But ethically, I think it is immoral.
Among the 30 or so people I became friendly with at grad school I think 3 of them have tenure track jobs at research institutions. 3 or so are at private liberal arts colleges. I would say 5 or so are at public liberal arts colleges. I was lucky, after adjuncting for 3 years I finally got a full time job at a community college. There are a number of people I have lost track of but I can think of more than 10 that have left academia because they couldn't find jobs. (I could hit up facebook and track people down to get an accurate count but I need to go jump in the shower so I can finish getting ready to go teach!)
Among the 30 or so people I became friendly with at grad school I think 3 of them have tenure track jobs at research institutions. 3 or so are at private liberal arts colleges. I would say 5 or so are at public liberal arts colleges. I was lucky, after adjuncting for 3 years I finally got a full time job at a community college. There are a number of people I have lost track of but I can think of more than 10 that have left academia because they couldn't find jobs. (I could hit up facebook and track people down to get an accurate count but I need to go jump in the shower so I can finish getting ready to go teach!)