His predictions are gloomy (and I think this applies to other disciplines):
We are entering a period in which large numbers of tenured faculty members will be released under "financial exigency" only to be replaced by adjuncts doing essentially the same work for no benefits, no job security, and much less money. Those future adjuncts are the current crop of prospective graduate students, following their dreams, embarking on a "life of the mind," doing what they "love."
Kudos to the Chronicle for publishing opinion articles like these. Ycombinator thread here.
It’s becoming painfully obvious to many academic writers that, once we remove the romantic component, faculty positions are just not that desirable (see Greenspun’s Women in science for a similar view). I think it is important to make the facts as popular as possible, so those who remain in the academic track do it with full knowledge of what they are getting and what their prospects are.