Not this anti-PhD negative nonsense again! It doesn't ring true to me at all.
> You live off a meager stipend for about a decade
I paid a mortgage, supported a family, and built savings while doing my PhD with no issue.
> and then, in your mid-30s, you go on the job market for the first time.
You don't appear on the job market like a newbie. By the time you graduate you should already be well-known enough in your field that you have a reputation, a track-record and several good options. My first job after my PhD was building my own team in industry. It's not like starting a new-grad job.
> Unless you're somehow in the top 0.1% of your field
If you're not in the top 0.1% of your field you shouldn't be doing a PhD in the first place.
> you're probably going to be fighting for a tenure-track positions at any institution that will take you
Why do you assume everyone wants to be in academia? I'm not even sure a majority go into a PhD wanting that. I never did.
> Meanwhile your peers are well established in their careers
Working on a PhD is establishing yourself in your career. But with 1-1 mentorship and a lot of time and space to grow, work with a lot of different people, travel to meet the important people in the field, learn to talk and present your ideas. It's the best way to establish your career that there is.
> have families
You can build a family while doing a PhD just fine. I did. Do you think they bad PhD students from dating or something?
I wasn't even a particularly good PhD student, or at a particularly prestigious institution, and I managed these things.