Keep in mind that even if the tenured faculty of yesteryear do not disappear, the numbers are likely to not do better than flat.
Consider the numbers...
A successful professor, who brings in the grant money, can supervise 10-30 graduate students towards their PhDs over the course of their career. Others will supervise fewer, but that is because the money is scant.
The bottom line is that if you are not obviously one of the top 10% students of your program, you are second string. Half the first string players are having trouble finding a professorship. What are your odds?
Consider the numbers...
A successful professor, who brings in the grant money, can supervise 10-30 graduate students towards their PhDs over the course of their career. Others will supervise fewer, but that is because the money is scant.
The bottom line is that if you are not obviously one of the top 10% students of your program, you are second string. Half the first string players are having trouble finding a professorship. What are your odds?