I've taught a bit at Arizona community colleges, which also rely heavily on part-time faculty. There are many more people with grad degrees than demand for them from universities, resulting in the obvious when supply exceeds demand: https://jakeseliger.com/2016/02/25/universities-treat-adjunc... . In the 1945 - 1975 period, demand for faculty exceeded supply: https://jakeseliger.com/2010/01/21/problems-in-the-academy…
I really wish they’d allocate Covid-like money to R&D or prizes for solving various challenges like curing diseases, which would drive universities. However first remove the bloated administration and DEI/Woke Discrimination Industry.