I think you are saying the same thing as me but in a narrower context. Outside academia most Ph.D.'s work for the government, or government contractors.
In the real world a Ph.D. is worth little, I agree.
Blah! Tennessee is low in every one. Can't say I disagree with but ... BTW I've noticed that most of the high achieving students in my school are girls. There are 4 boys and 13 girls in my Algebra class. There were only 3 other boys in my pod that had first honor-roll and 15 girls. Is it just our school or what?