Uh . . . . I have a Ph.D., thank you very much, fully supported with extramural fellowships throughout my graduate studies and postdoctoral work from "top three" institutions. I do agree with you on one thing, though, and that is it is a pointless endeavor to try and hold a rational discussion with you. Apparently you are one of those people who glorify research without being able to look at the warts and moles of the field, of which there are plenty (I mean, there are so many areas that need reform in this unregulated mess that is graduate education/scientific research, I can't imagine how anyone can overlook the problem). But, since you are unable to hold a calm, civilized discussion without appearing to have foam coming out of the corner of your mouth, let's not carry on further with this. I only ask that you, as a SDN "moderator," to be more polite to people who post here, instead of being combative and abrasive. You can at least do that, right?
And oh, yes, the 2008 NIH postdoc pay standards are a bit different than the one I operated under three years ago. However, the argument still is there as to whether a 7+ year postdoc, with about 14 years of education under his/her belt and usually working 70 hours a week, really is paid deservingly; in fact, if you spread out the pay per hour, postdocs are not much better off than flipping burgers. And although we don't get into the field to get rich, the real question is what comes after the postdoc. Now, that is THE question.
What I am really interested is seeing what would happen to those of you who are fervent about Ph.D. education ten years down the line. From where I stand, there are lots of disaffected and unhappy Ph.D.s in biomedical science. I believe there was a study done which found that ten years after getting a science Ph.D, 80% of the individuals will no longer be in the field. These folks will include those like myself, who found that science is not the right career for them, but a very large majority are those who cannot find adequate employment in the field, and those that are disillusioned with the profession. I think that says something about Science. And of those that stay, many will become lifetime postdocs/research associates, which I call "perma-docs," for their entire career. Of course, policy makers at NIH and NSF always try to neglect this and propagate their "Science is a dream job" myth, but the truth is there for everone to see. For those of you interested in graduate education, I want to make it clear that I am just offering a view that you may not hear from just talking to your professors. I encourage you to talk to as many grad students and postdocs as possible (in a heart-to-heart fashion), because down in the trenches is where a lot of the ugly stuff lay. Also try to keep a good pulse on the state of employment opportunities in the field., and have a clear idea of what to expect when you get the degree.
Peace.