"A bleak market" for prospective academics

Consider the following summary of the employment prospects for recent PhDs, particularly in the humanities and social sciences, looking for academic jobs:

1. There are hardly any full-time, tenure-track jobs out there for humanities Ph.D.s (not to mention those in other disciplines)
2. Loads of new graduates are champing at the bit to try their hand on the academic job market
3. Competition for faculty job openings is at an all-time high, and part-time gigs are often just as competitive
4. Publications, even single-authored books, offer no guarantee of entry-level, tenure-track employment
5. Faculty salaries suck

Responding to such a market scenario, one would then expect:

1. Departments would dramatically reduce their intake of graduate students
2. Students would stop applying in huge numbers to graduate programs in these fields.

In the real world, apparently neither one happens.

Do the departments have any kind of a caveat emptor statement at least to warn prospective students?

I checked with the so-called flagship university in our system.  The History Department has nothing of that sorts.  Perhaps in the Geography program, you say?  Nope.  How about Philosophy?  Yes, there is even a placement success table, but it does have misleading information.  For instance, the Philosophy Department boasts of having placed students even at Yale; it turns out that the one and only listing for placement at Yale was as an instructor there.  Not any tenure-track placement.  Philosophers, too, not caring much for truth?

Oh well ...