I hear this from many of my already tenure track friends often. I have detoured in life from my MA being very fast track academic and debate coach etc- to then having kids having a contracting business, and the dreaded adjunct life. But to be honest the job market isn’t guaranteed in any field. Pursuing what your passionate about is important. If getting your PhD in English won’t hurt you, financially, then it’s worth chasing your dream. You could get paid more to teach at high school level, or teach at a variety of institutions or even *gasp* adjunct at better pay then with a MA. Which ain’t that bad really. Adjunct teaching is by far easier than other jobs I’ve held, waitressing, cleaning, or the bigger money maker residential contracting business I run with my partner. It’s a great flexible gig, and I think it’s always worth going for your dream. I am doing it also after a long time away. I think it’s important for academics who always want to lament on the terrible job market to reflect on what other careers might be like. And I can tell you they aren’t as flexible, rewarding or engaging. So basically yes you def should do it! In my opinion ?