You're correct. On the other hand, college tuitions are ridiculous, and the modern university is literally a billion-dollar corporation.
There's no excuse for the academic job market being this lousy when universities have so much money coming in from so many different sources.
The problem is that they spend it all on administration. Paying a "Dean of Multiple-Choice Quantum Intersectionality" $600,000/year is a way for rich white elitists to pretend they care about things they actually don't.