In the 1945 - 1975 period, demand for faculty exceeded supply: https://jakeseliger.com/2010/01/21/problems-in-the-academy-l..., and many in or adjacent to academia yearn for a return to those days. But it's probably not happening.
The administrators and Boards who control budgets are also keenly cognizant of the fact that birthrates fell off a cliff in 2009 and haven't recovered since. Those of you who can add 18 to 2009 will know what's coming for an industry that depends heavily on 18 year olds for customers. Tenure is, in the absence of mandatory retirement ages, a 40+ year employment promise.
And one dark truth is that academia insiders with tenure accrue far more power over their adjunct colleagues than they do over their tenured colleagues. Academia insiders rarely emphasize this, for obvious reasons.