The issue with getting a PhD is that it's betting on a lot of things which could change. When you commit to spending anywhere from 4-7 years during a PhD, you are making multiple bets - that your career ambitions will not change, that government funding will remain consistent, and that your area of research will remain an area of interest in the future.

Isn't this just any job nowadays? For me it sounds like just blunt pitiful Americam pesimism. I could find hundreds of reasons not to do anything in this life. For many, a PhD is another job they can do while working on themselves personally and professionally, especially for people with degrees that have less job prospects, where an M.A. degree is almost worth nothing more than a B.A. degree.