Moreover, in many schools funding is not guaranteed for PhD student. Imagine facing the decision of dropping out or taking a loan to pay tuition+living expenses after 2 years, when your department cut you off. There are threads in EJMR about it. Read them carefully.
There is no industry track econ phd. You are better off working and getting job experience and contacts than wasting 5 years on a phd. Get an mba. Or worst case scenario get your masters diploma and start applying right away for industry jobs. Every year you waste on a phd is a year of exprience/earnings/contacts that you lose and the phd diploma is not worth 3 to 4 years of lost experience/earnings/contacts.