I'm not a fan of generational hate, but for the generations that were the architects of this corporatized society, an academic job meant that you wouldn't be rich, but that money wouldn't really be a problem for you. You'd have a lifestyle comparable to about $120k in the Midwest, adjusted for cost-of-living (but coastal property also wasn't as skewed). The humiliating day-to-day struggles of the poor are hostile to the life of the mind, and the earlier generations knew it.

Hence, you have Boomer professors, even with the best intentions, championing the academic career because it has been good to them. If college advisors weren't picked from the most successful 1-2% of those who attempt PhDs, you wouldn't see the smartest of every generation shoehorned into these programs. (And yes, my experience was that almost all of the top students took an academic path at first, though some, like me, left as early as one year into a PhD program. Sure, there are a few who start Facebooks or are hand-picked to be proteges of hedge fund managers, but the other 95% of top talent veers academic-- until their illusions pop.)

So... while it's true that no one went into academia expecting to be rich, they also expected lives where money wasn't really a problem: they'd be able to buy a house, raise kids, travel abroad now and then, and because college profs respected reciprocity in admissions, beat college admissions without a fancy prep school (those being at a price which most professors would still find out of reach, even in the better times). And they got totally fucked, relative to that promise.