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Yes, this is this systemic problem in the US. It started with many second-tier schools opening grad schools to compete for NIH and NSF funds, which at that time were freely available. The career path for those graduates would be to go into teaching at other second-tier schools, or at four-year colleges.

But now, after the crisis struck, even top-tier graduates have problems, and they are now being hired by second-tier schools to compete for less external funding. This leaves no way out for the graduates of weaker programs.

Another problem: the quality of the applicants for PhD at second-tier schools. Man, it's awful, it is. Top tier schools are as large as they want to be, and they hire whomever they like. Lesser schools try to make to with the rest that didn't get into the top places, and it's no fun, let me tell you that.

I can't see how the endgame will play out, but I'm glad that I have a job and that I am support staff. (Note: universities will always need support staff, and because they need them, they will find funds to pay them.