Programs routinely admit graduate students, knowing there is already a massive glut, knowing that these students will accumulate tens of thousands of dollars in debt, with a small chance that they will gain tenure-track employment. You'd be shocked how many of these students are ignorant of the dismal job prospects, in large part because their profs never tell them this. Yes, they should research this on their own, but that doesn't reduce the irresponsibility of universities and faculty propagating this system.