Really? This must be an extrapolation from the past 20 years, yes? So, ok, what's happened to the humanities since 1990?
Here are the numbers, from the 2010 Digest of Education Statistics:
The federal government doesn't designate particular subjects as "liberal arts," as far as I know, so I've presented two possible definitions. The blue line is the narrower one: English, visual & performing arts, foreign languages, philosophy, and area/ethnic/gender studies. The red line includes all those, plus social sciences, psychology, interdisciplinary studies, and architecture.
What do we see? Well, there was a decline in the share of humanities degrees in the 1970s. But there was some recovery in the 1980s, and since 1990, the proportion has been flat: around 20% (for the broad measure) or a bit over 10% (for the narrow -- basically English and its satellites -- measure). Whether these proportions ought to be higher, I couldn't say; but if crisis means a situation that can't persist, then this is clearly not a crisis. Or at least, it's a really, really silent one.