Am I hallucinating, or are we being asked to do more with less... a lot less?

The last few months have been intense. My team's projects are still getting pushed through, but it feels like we're running on fumes. Fewer resources, less support, and yet the expectations haven't budged. I'm seeing colleagues stretched incredibly thin, picking up slack from people who've left and aren't being replaced. It's more than just 'efficiency.' It feels like a deliberate squeeze, and frankly, it's unsustainable. Is anyone else feeling this level of pressure without any sign of relief or new hires?