Yes good point, though not the one he wanted to make of course. 
I doubt they’ll be cutting back on any of the cash cow type graduate programs (MBA, JD, master’s programs in engineering, etc.), unless demand drops off at some future point (as has happened at many law schools, though I don’t think that has affected Stanford caliber law schools, at least to this point) . . . STEM PhD programs that are heavily dependent on government funding could be another matter down the road, as is the case at any research university of course.
It actually didn’t hit me until I looked at the numbers that overall enrollment is 25-30% higher than it was 30 years ago . . . one factor I guess in those 70 new buildings during Hennessy’s term.