My lovely wonderful SLAC alma mater announced its 39 "new faculty" for 2011-2012.
Seven of them are tenure-track assistant professors.
Quite a few of the remaining "visiting" professors are legitimately visiting from some other institution, or are eminences unattached to an institution of higher ed. But eighteen appear to be in VAPs [visiting assistantships] or the equivalent.
Granted, a VAP at my alma mater is a pretty cushy job for a year. And no matter what changes are made to the academic market, schools are going to continue to need at least some VAPs, to fill sabbatical and fellowship vacancies (assuming, of course, that schools continue to grant sabbaticals. My alma mater has the money and priorities to fund sabbaticals for quite a long time to come, I think).
But I still thought that the numbers were telling.