As a grad student mostly. That said, non-tenured professors also have to work their asses off. The pyramid scheme dream is becoming tenured and having a large pool of grad students to abuse help you with your work.
In Canada, it seems that a lot of departments in my field are purposefully limiting the number of PhD spots available, since there are so few positions for graduates. I wonder if that's the case elsewhere?
I'm not sure how you feel about the limiting thing, but it is controversial in the US. Some departments do limit, others feel that isn't fair. Personally, I think we should understand why the academia system is set up the way it is and ask if it makes sense in the modern world.
If I was in a department with graduate programs, I would speak and vote against setting limits on that basis. Students should have the freedom to make an informed decision.
As a graduate student, I was advised that there were no jobs and that there wouldn't be any for the foreseeable future. That turned out to be incorrect.
I would support limits based on departmental finances and capacities, which make a lot of sense. But that's a different issue.