Is this actually a problem?
I've always viewed Stack Overflow as a "write once, read many" community. For top questions, it looks kind of like Quora.
Checking my own stats: I've been a member for 7 years, asked 4 questions, and given 45 answers while reaching ~86k people [1]. My karma is not super high at 936. However, I've gleaned so much value from the SO community (and saved so much time), that these numbers only begin to scratch the surface.
Using these numbers as metrics doesn't reflect the value of SO's knowledge base. I don't think Stack Overflow is on the decline at all.
[1]: http://stackoverflow.com/users/149428/tedmiston?tab=profile