I also knew plenty of more senior professors that left the field, which didn't encourage me to backfill it. Strangely enough, whatever difficulty there may be in the more senior ranks, entry sure seems like a grind.
That's why I'm quite confident in saying generally "universities are in trouble". I've seen it over time and geography. Not all places of higher learning are. Some private and state entities are thriving. What is killing the universities, in my opinion, is they're caught in a no-mans-land, as neither fully state entities, nor private concerns.
Colleagues in other countries have suggested that "each unhappy university system is unhappy in its own way". Hugely constrained funding in some countries, direct government interference in others, rampant casualisation in a third, a collapse in scholarship in a fourth...