I agree, but the nuance here is that colleges really do value students, just not the quality of their education.
In 30 years tenured professors will be an uncommon sight on university campuses. The AAUP reports that in the last 30 years alone the proportions of tenured faculty have decreased from 36% to 21% of the total number of faculty, tenure track faculty have decreased from 20% to 10%, while nontenured faculty have increased from 13% to 19%, and part time faculty have increased from 30% to 50%. The US DOE confirms these stats while providing additional information that strongly suggests the growth in enrollments and revenues has been achieved by slowly replacing tenured and tt faculty with non-tt and pt faculty. Overall, the trends show a strong bias against tenuring faculty - as I mentioned in another thread, it seems that, as a group, admins all across the nation are tenuring fewer and fewer faculty every year.
Enrollment growth can be achieved (and usually is) without replacing faculty. In fact, ADDING faculty (mostly non-tt) in response to enrollment growth is common. The tenured/tt numbers don't change (in an absolute sense) while the percentages decline. Given the fact that administrators are often fearful that the enrollment surge is temporary instead of permanent, why would they hire a new tt line in response to enrollment growth
instead of a non-tt line that can disappear when enrollment declines later?
Another variable to consider in this situation is the trend in recent years (until the economy tanked) to reduce student-professor ratios. To reduce this ratio, you need more faculty. These additions depend on many factors when looking at tenured/tt vs. non-tt hires.
Finally, please understand that revenues are monies coming into an institution. I have yet to see an institution raise more money by cutting faculty. What this does is actually reduce expenses, and if revenues stay the same, then profits are increased. Growth in revenues actually comes from increased giving, increased earnings on endowments, and increased enrollment. Rarely (I would guess, never) has an institution managed to increase donations or enrollments by announcing "Hey, look! We just cut tenured/tt-line faculty!" In fact, many alums would suspect something was terribly wrong and would stop giving if that announcement was ever made.