Is PhD a wise career path?

Alright! I know this is a weird question! To get a PhD, a person needs a put in a lot of hard work. Does it really make one feel good? Some of them are very fond of research and they would make a hell of a career after getting a PhD! From a general standpoint, it makes a person overqualified, and the career path becomes narrow (either a postdoctoral researcher or a professor). In my opinion, getting stuck in research can make life a living hell (even for those people that get into PhD with great interest!) Would it be a wise option to go for PhD if one does not find a job after graduating with the Master's? If not, suggestions please? I know "Keep trying until you smell success" would be the most popular answer :-)