First of all, this is hardly a problem that's exclusive to "liberal arts" PhDs. However, it's probably exacerbated in their case due to the often limited market demand for their skills.
What solution, other than some form of guaranteed job, is viable? Subsidizing PhDs lifetime employment with public funds would be messy and unpopular (although not completely without merit, IMHO).
The second option would be to limit supply. For instance, Universities only admitting as many PhDs as they could possibly absorb (or, providing a guaranteed-employment PhD track for a select few).
This would drastically lower the number of PhD recipients, with uncertain effects on society as a whole. While this might negatively effect our net research output, it might also funnel talented and hard working individuals into potentially productive lines of work. I'm basing this on the assumption that anyone who is capable of completing a PhD (in anything), has the potential to contribute very meaningfully in a variety of other professions or even fields.