I would agree that faculty is a great position.

Elite professors probably have all what an average individual is dreaming of: financial security, social resources, social standing, honor and influence. But only a few elite phds with inborn temperament and intelligence enabling them to succeed in academia would have chance to take on that path, and subsequently they have to work their butt off to prove their idiosyncratic value before they can achieve that high. Needless to say, the vast majority of phd students are not that lucky.

From job security perspective, non-for-profit institutions are not as stable as perceived. They all need funding. Governments need tax receipts, and universities have to be supported by cash flow generated by their endowments, tuition, or funding provided by other institutions. It is not always easy. Harvard and Cornell's endowments just posted investment loss for the last fiscal year, respectively. In an unstable and recessionary world, security is a luxuary.