If you did a PhD in Biochemistry, you could make $100-200k a year plus stock working 40-50 hours a week at most working for Pfizer in Cambridge MA instead of earning around $60k working 50-60 hours as a Postdoc at a regional Boston based program like BU or Northeastern - you have to pay the same amount for rent and groceries, but you earn half as much and work much longer hours.
At that point, the only reason to be a postdoc is to get your foot in the door if you went to a less recruited program or are from abroad.
For example, in the article - “My personal experience is that Americans were always less willing to put up with conditions that foreigners like myself had to put up with,” says McDowell, who moved from the United Kingdom to the United States for a postdoc in biomedicine.