Sappho, this is an excellent post. I see that this year places such as Yale, Harvard, and Princeton are offering quite a few more offers than in previous years (or at least a few years ago when I was an applicant). Once upon a time, 3 or 4 admittances were par for the course. Does this signal renewed faith in the potential job market, 5-8 years down the track from now? Perhaps. Perhaps not. This season, two ABD candidates at our school landed tenure-track assistant professorships at very solid schools. A few years ago, even to land a VAP would have been a major win. So perhaps the job market is becoming stronger. Maybe some of our teachers will rebuild their retirement funds and feel that they can retire in another 5-10 years. Perhaps then our generation will see opportunities again.
But note: I never went into this process without knowledge that it would be tough, financially, and in many other ways too. Granted, if you are not in a top 10 school, then you have a much harder task ahead of you. I once had a conversation with an Emeritus Professor who told me about their hiring process (at a well known North American Classics Dept.): 1 T-T job, 400-500 applicants; cull them down to 50 by throwing out any application that was from a university they had never heard of (Ivies/top 10 to the front of the line), then create the short list for interviews, and so on. The key moment: the culling process.
Yet even though I am at an institution, a top 10 one, I am still thinking about alternate career possibilities for when I have the PhD in hand: Higher Education administration, or even working for a major consulting company. The money will be better, but I doubt the intellectual satisfaction of teaching and research will compare.
And so, as you can see: I do care. I care that every single person should be warned about what they are getting themselves into when they accept an offer. The DGS, the faculty, the graduate school, have an ethical responsibility to discharge such a warning to their students. Yet many graduate programs, especially the best ones, will rarely disclose their drop out rates; and you will usually only hear from them about their successful placements.
Well, there's my two-cents, as incoherent as they may be.