I think Ms. Trunk might consider attending spelling classes. And maybe therapy as well – too much bitterness, dear. Arguments like "I once read an essay that suggested.." are making me sad. Remind me to avoid her immature articles from now on.

There is a big difference between the upper echelon of academia, and well, everybody else. A humanities PhD is only a weak investment if you are not able to deal with the consequences. I do not expect somebody with an MBA to understand intellectual pursuits in the same manner anyway. People who are doing MBA are almost solely interested in money as their highest priority, a pure extrinsic value, as opposed to the intrinsic value of an intellectual pursuit. The thought that one can go self study at home and equate to an elite academic program is absurd, unless you are an intellectual great as it is, then you would more than likely publish regardless of education, and be appointed honorary degrees. If you are not that, then speaking in that manner again, is absurd.
There are a multitude of problems however when it comes to career aspects. The young undergraduate is bright eyed, but often naive. They have been told to pursue their dreams, but with life, there is of course diminishing returns.
If they KNOW they would be happy going to a non top 20-25 program in their field, with the possibility .
The other problem is, they are so young with little life experience, how would they know what their future selves will think? Are they really going to be happy teaching at some obscure school in Nebraska? Because at that school, it is almost guaranteed nobody will ever read anything they publish anyhow, and all of these humanities kids want to be published.
So, if you can do a PhD in humanities at a top 20-25 program, by all means pursue it. Your likelihood of getting placement at a similar program is still there, as is your likelihood of going to quite a few name brand state colleges. If it is out of that range, be comfortable with what you bargained for.
I went down the same path previously, but I knew my limits, and I knew where I wouldn't consider living. I actually narrowed mine down to about the top 15 schools for political theory or political philosophy, if I wasn't accepted to them, it was time for real life and to face reality. There is certainly no reason those going to other schools are inherently smarter than me, they just now have a piece of paper and teach at some obscure school, community college, or adjunct and move everywhere. Not for me! I certainly hate the rat race world just as much, or more than them, but was forced to find another "out" instead of academia, which might have actually been worse. Be able to flourish somewhere you live, in not the perfect job. Or be forced to pick 1 or 2 spots, as those are the only job offers you have, insert random crap city. Again, no thanks!

Some people think there's actually such a thing as an education — you know, what might happen if one works hard under the guidance of people hopefully more capable than oneself to give serious thought to matters of real importance in life, matters that most people unfortunately are compelled to neglect in the bustle and tedium of every day necessity. Such an opportunity is a real blessing, and I feel sorry for the author of this article, who clearly has no conception of it.

I will also point out that while you can learn from reading, I've learned far more from class interaction and discussion than I did from straight reading a book. Night class is always an option, but I wanted something more in-depth and my current job left me in too much of a coma to be any use after the fact. It's not the right choice for everyone and I can't say it's was completely the right choice for me either; but you learn from your decisions so right or wrong, I don't regret the decision.