I disagree that we have a glut of scientists with PhDs (http://www.nature.com/phdfuture). The corporate view of PhD numbers in terms of what the market will bear ignores the major problems that only science can solve in the coming century.
The list is long: natural disasters, such as earthquakes and incoming celestial objects; environmental degradation; sustainable energy; famine and violence; untreatable medical conditions; and threats such as antibiotic resistance. If science abdicates, there is nothing else.
The urgency of these problems requires a large cadre of trained individuals to be enlisted to defend our planet. The size of the military is dictated by our defence needs, not the market. In science, by analogy, our global defence needs are soaring.
Spending a few years in the service of science and the greater good, being rewarded with an advanced degree and, for example, going on to teach in high schools is an honourable fix.
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Kosik, K. PhDs: what's left if science abdicates?. Nature 473, 284 (2011). https://doi.org/10.1038/473284b
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DOI: https://doi.org/10.1038/473284b