It being the season, the 'I got into XYZ PhD Program!' tweets kind of break my heart. I don't rain on any parades - if you are celebrating, celebrate. You earned it! But there's sorrow b/c unless things change, there won't be any more jobs in 5-7 years than there are now...
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Live your graduate life on the assumption there is no academic job waiting at the end, or any job waiting at the end. Make your decisions accordingly.
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And I suppose, for all of the advisors out there: understand that this ought to be your student's mentality too. I have heard all of those "my letter can't get you a job" speeches. Great; give them on orientation day. Tell your grad students to relax and relax yourself.
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