I was arguing for year with my colleagues that we do have an overproduction, and only this year different articles supporting the same position started to appear. Yes, I do think that we overproduce PhD and it has to be stopped. It is also clear that old argument that even if they do not find job in academia, they still doing great, is also going away: more and more PhDs end up on jobs that do not require PhD training.
http://www.nature.com/news/2011/110420/full/472276a.html