[microDude]

Find a different advisor now (possibly at a different school). One that has a proven track record of graduating students (which sounds hollow, but think of it this way, would MIT be a good school if only 50% of their students found jobs after graduation?).

There is a point where your advisor will look at you as a failure and give up on their responsibility of tutelage. Most of the time, this is not the students fault (assuming that you are hardworking and proposing your own ideas). Most likely, the advisor is putting undo burden upon you (does he have a history of pushing out students?). Saying that you have 3 years left is not true, since the advisor can hold you in servitude much longer with little recourse.