When we say the the universe is expanding what we are really saying is that photo evidence reaching us today suggests that the universe is expanding however, this data is already some ten billion years old, thus is it not more accurate to say that 10 billion years ago the universe was expanding?
We hve no evidence of what is going on today, indeed if the universe was shrinking at the speed of light we simply would not know, we would see other galaxies and the sky 'as it was' right up until the point it shrank past the point where we are.