We pursue the degree for deep personal reasons that are hard to discourage, even in the face of harsh economic reality.
I did a back of envelope calculation based on the number of grad students, the number of post-docs, their duration, etc., and concluded that I would need to be a superstar to ever get tenure. And I was not a superstar. On the other hand I've had a good career in industry, with no regrets. I live in a nice town, and rarely have to work long hours.
I was extremely lucky that both of my parents are industrial scientists, so I knew there was an honorable alternative to being a professor. The only hitch is that my own professors in physics could encourage my change of plan, but had no idea how to help me pursue it. I guessed correctly that computer programming would be important. ;-)
While I was not a research superstar, I was very good at making complicated machines work for other people. That's what I do today.