You have not been paying attention. No tenured researcher was. Plenty of post-docs were, the moment the grant money did not come through. If they have to resort to firing professors, the whole thing is neck-deep in shit. You need at least a decade for someone to end up there. If they leave, they will take their experience with them.
We don't need more PhDs. People foolish enough to have sought a PhD will benefit as they are now limited to a master's degree, with which their career will be much better.
