New college graduate, age 22, starts a PhD program with a 30K stipend. Graduates at age 28 making 34K. Takes postdoc making 55K, finishes at age 31 making 58K. Now the big decision: second postdoc, search for academic research job (tenure-track or non-tenure-track), search for industry job, try teaching route (small 4-year college), or get out entirely, perhaps with other degree program (e.g. JD, MBA, etc.). Oh, and to get any of those to work out you have to beat out a gymnasium-full of other candidates with similar qualifications.
Suffice to say it's a great way to find yourself in your 30's with few assets, little stability, and limited prospects.
The job market for biomedical PhDs has indeed changed over the years. It has steadily gotten worse with no end in sight.