Oh, yes. There was a time when I briefly considered going back to school, with a Master's in Library Science as my goal. Unfortunately, the numbers didn't work out. After racking up who knows how much debt to get the degree I'd be looking at a job that paid a bit over $30K/yr. This was about 35 years ago.
There are far more people who want to be librarians than there are good-paying librarian jobs. The economics, therefore, work out like any other field. Employers can demand a huge education while offering very low wages relative to the expensive degree.
