It certainly isn't dying, but in saying that, the job market is quite tough for someone wanting to pursue an academic career. I don't know enough about the US to comment, but in Australia, funding for the sciences is constantly being cut and used for political handball. With the way certain grants were announced last year / early this year, it's become increasingly difficult for PI's to know if they have money to hire anyone (frequently, they don't). The field is not 'dying' though, whatever that means.