I'm seeing massive consequences. I've been teaching at the university level for 35 years, and I've been a student for longer than that. Class sizes have exploded. Available resources and teaching support have dwindled.
We have critiques levied about how outrageous it is that there's a professor teaching a class of only 15 students or something like that. That's actually an ideal learning environment, a fleeting one that is rare to see in today's universities. It's something that those of us who have worked their way through the university system hearken back to, really value and would love to see restored.