I will say that for those of you hoping for BigLaw or prestigious government work, then no, there are not enough jobs to go around for all the T14 kids wanting them. Even at Harvard there are kids who struck out at OCI, but I know a couple who're brushing it off and lining up interviews at smaller markets and less competitive places. That's the thing; the legal market is competitive, and for most people at a T14 your degree will make you competitive enough to find work somewhere... just not necessarily at a place that will pay you six figures.
If you want to make bank and live like a baller, then no, maybe you shouldn't be going to law school just to find that, even at a T14. But if you want to be a lawyer, you're going to a T14 school, and you understand that not making six figures is not the end of the world, then there are going to be plenty of opportunities for you. It'll still be competitive; you still have to compete for those jobs, and nothing is guaranteed, but it's not so dire that you're likely screwed even at a T14.
It's important to keep in mind your financial picture, though, and how you'll pay off what loans you take. If you're taking out significant loans, IBR is your friend. IBR also means you're not going to have "a ruined life" as OP suggests. It's not going to be easy, but it's not going to be devastating if you actually planned for it from the beginning, like you should anwyay.
In short: OP's ramble is for people who don't know what they're getting themselves into, but is not getting any respect because the tone is a hyperbolic "don't go, everyone's fucked" and not the more reasonable "know what you're getting yourself into and that it'll be hard" that it should be.