> If students decide that they are comfortable with a sub 20% job placement rate, then great, nothing needs to change.
The problem is in my opinion not this low job placement rate per se (it is very easy to find out that this is the case for basically every prospective researcher). The problem rather is the "politics" involved in filling these positions, and additionally the fact that positions are commonly filled by what is currently "fashionable". If you, for some (often good) reason, did good research in an area that simply did not become "fashionable": good luck finding an academic position.
The problem is in my opinion not this low job placement rate per se (it is very easy to find out that this is the case for basically every prospective researcher). The problem rather is the "politics" involved in filling these positions, and additionally the fact that positions are commonly filled by what is currently "fashionable". If you, for some (often good) reason, did good research in an area that simply did not become "fashionable": good luck finding an academic position.