To be fair, most STEM PhDs have pretty grim prospects too.
There was a famous post, "Don't Become a Scientist!"[1] about Physics in particular.
It includes the memorable line: "I have known more people whose lives have been ruined by getting a Ph.D. in physics than by drugs."
Which I suspect tells us more about Katz's social circle than anything else but nonetheless shows that it certainly isn't a rosy wonderland in STEM.