There's going to be layoffs in the future for faculty. Instead of tenure-track faculty or at least term faculty where one could make a living and plan for the future you now have contingent faculty. At my institution the rate for online courses is USD 125 per student and course. To make 50 kUSD yearly salary a faculty member must teach 400 students!

Education isn't the way to a decent living any longer, neither do the students get an education if faculty salaries are like this.