I cannot in good conscious advise any student to pursue a basic psych PhD right now, especially not in social psychology.
On the job demand side of the market, universities are learning that social psych does not bring in as much grant money, so more lucrative disciplines like cognitive neuro, or just plan neuro for example, bring in lots of indirect grant money revenue. So, positions for social often are getting canceled and filled or replaced by a good (or just acceptable) neuro or the like candidate who has more promise of being lucrative.
On the supply side, there are an awful lot of social PhDs out there looking for work. Its a very interesting field of study and lots of people are drawn to it, so the PhD programs tend to take a lot of students. Don't get me wrong, there is a bad over production of PhDs in just about every field, but social seems more extreme.
From experience, and asking around is helpful too, many top notch social programs are producing 15 PhD graduates a year, and only 2 or 3 are getting tenure track jobs or a post-doc!
That leaves a big pool (up to 12) that are willing and often do adjunct teach social and other courses. The average pay for an adjunct course is $2300, so finding several courses (upwards of 6 to 7 a year) to teach is necessary just to live at the poverty rate they were used to from their assistantships during the grad school days.
Coming full circle: With that many adjunct classes being taught, that really wipes out the demand for tenure track social faculty. From the universities perspectives, why pay $50-60K plus benefits for a tenure track professor to teach a 3:3 course load when you could pay $15,000 with no benefits to an adjunct and easily replace him/her several years down the road when and if she/he realizes they could get out of poverty by finding another line of work.
So I'm sorry to say that the forecast is not good and is only likely to stay bad or get worse for the foreseeable future.
Maybe if the word gets out before people start or invest in grad school and the pipeline of over production starts to correct itself, you may start to see a change, but it may take decades.