My 2006 PhD was clearly timed to perfection:
“U.S. pushes for more scientists but the jobs aren’t there”:
A glut of new biomedical scientists that entered the field when the economy was healthier. From 1998 to 2003, the budget of the National Institutes of Health doubled to $30 billion per year. That boost — much of which flows to universities — drew in new, young scientists. The number of new PhDs in the medical and life sciences boomed, nearly doubling from 2003 to 2007, according to the NSF.
But that boom is about to go bust, because an equal number of permanent jobs failed to follow. One big factor: Since 2004, federal research spending across all agencies has stagnated relative to inflation, according to an analysis by the American Association for the Advancement of Science.
Although the injection of $10 billion in federal stimulus funds to the NIH from the American Recovery and Reinvestment Act of 2009 “created or retained” 50,000 science jobs, according to the NIH, that money is running dry, putting those positions at risk.
The lack of permanent jobs leaves many PhD scientists doing routine laboratory work in low-wage positions known as “post-docs,” or postdoctoral fellowships. Post-docs used to last a year or two, but now it’s not unusual to find scientists toiling away for six, seven, even 10 years.
Note the particular accuracy of that quote – post-docs are left doing “routine laboratory work”, as opposed to the oft-made but mistaken claim that a seven year post-doc is about training and gaining new skills that wouldn’t be obtained in any other setting.
The Finch and Pea 
I was a BS chemist in 1980 doing the same work as the post-docs around me. Folks tell me that I was a pretty good chemist, but there definitely was no way to get ahead as a BS since PhDs were taking the jobs that the lower degrees could do. I spent a few years studying computer science and left synthetic chemistry forever. The problem has been here for at least the last three decades. I’m not sure why people are starting to talk about it now. I knew PhDs in Chemistry who were working as carpenters even back in the ’80s.