I agree that getting your doctorate can be a worthwhile endeavor, but for reasons that extend beyond those discussed by Jacques Berlinerblau in the article “You probably won’t get tenure. Get your Ph.D. anyway“. Get your doctorate if you find the process intellectually rewarding, are acquiring skills that you can leverage in the marketplace beyond the disappearing tenure-track (say in publishing, consulting, entrepreneurship, etc.), want to develop a body of specialized expertise in a field that you can then teach in various settings (secondary schools, community colleges, etc.), are open to teaching abroad (there are some great opportunities internationally and this problem isn’t necessarily universal), and can do so without going tens of thousands of dollars in debt. If none of these apply, it probably isn’t worth the time and stress to get the degree, as that will only compound the stress which accrues after being on the tepid job market for a few years.
We are living in the sunset of the academy that most of us wanted to work in. Yes, its sad, but the only thing to do is to accept the passing of this thing and adapt. I don’t want to overstate this, but there is a great opportunity here to reinvent the models of knowledge dissemination that have been variously supported and now aborted by the academy (think about what has been done to Africana studies or other fields focused on critical social discourse). Personally, I would love to work with others who are interested in forging ahead into this new frontier. There is much to be done.