The article seemingly is very focused on employment. It's taken as axiomatic that people must do whatever they do because it leads them into an employer's arms, at some point.

What about whether a PhD helps people with romantic relationships, sense of belonging in the community, happiness, social ranking, whatever other goals they might have in their lives?

In light of that I think the topic should be changed on HN - I expected a much more balanced analysis. The current headline on the site itself is "The Ever-Tightening Job Market for Ph.D.s".