If things go as they should, PhD may not be a bad deal at all.
It's also useful to note that the money and working condition issues are country and field dependent. For instance, in many European countries PhD students in many STEM and also humanities fields are most often employed full-time with standard work contract(s), with OK salary (but less than in industry), and full benefits with excessive unpaid overtime in principle forbidden, small or no tuition, etc.
The situation with academic career prospects after PhD as I understand however is that situation is similar to US everywhere, and going eventually gets tough after that point, and most people are culled before finding a "permanent" position.
It's also useful to note that the money and working condition issues are country and field dependent. For instance, in many European countries PhD students in many STEM and also humanities fields are most often employed full-time with standard work contract(s), with OK salary (but less than in industry), and full benefits with excessive unpaid overtime in principle forbidden, small or no tuition, etc.
The situation with academic career prospects after PhD as I understand however is that situation is similar to US everywhere, and going eventually gets tough after that point, and most people are culled before finding a "permanent" position.