Yea i in the process of trying to figure out what to do here with my program.
Pros - That blog rel describe the struggle of a Phd. All the economic stuff make sense, but if u do a projection of earnings to say 60/65 with a PhD vs Masters, at least in the oil industry, its about equal. A phd cld actually narrow u if u not into academics, plus the thing at distracts is if u have an opportunity to jump now and get a good wuk. WHo knows what 3-5 years in the future will bring -tighter immigration laws/more economic hardships etc...
Cons - intangible of the Dr in front ur name. That alone opens doors that would not necessary open for u. You automatically are seen as a perosn who cld solve problem, be analytical and just plain and simple smart. The sky is the limit - u could get into politics/business etc easier.
All comes doen to the individual and where they are in life/personal feelings.
Now as I try this, i have anew found respect for ppl with phd's