I don't think Morrissey's current lyrics are up to previous standards either. But they haven't gone completely off the cliff, because he can still write great lyrics—those songs are just fewer and farther between.
I think a good current Morrissey song to hold up against Life's a F*cking Miracle is Notre-Dame. Musically, both are aiming for a clean, breezy groove, but Morrissey/Whyte goes for dark 70s disco-Floyd and succeeds, while James just sounds like generic feel-good electro-bop. And both are observing and assessing the world. Morrissey focuses in on a years-old news event and gives us crackpot conspiracy theory, but I'll take that lunacy any day of the week over