Are we producing too many science and engineering PhDs?

A recent Scientific American article ponders the question "Does the US produce too many scientists?"

I don't think there is anything really new in this article, that hasn't already been said before in some shape or form, in articles such as this, this and this.

Although reality is complex and multi-faceted, it appears that evidence supports the hypothesis that "the number of graduate students in PhD programs is disproportionately large".