I think the thing that folks keep missing is that technology isn't a zero sum game. So what if there are a shitload of people in the east doing programming cheaper? 9/10 of the 'type' of programming they're doing is grunt work that no one really wants to do anyway.
Will some people feel the 'crunch' from this? probably, in the short term. But technical acumen doesn't sit still. We're not all languishing on our laurels with technology from the 90s while the Chinese are gearing up for total war.
A much BIGGER problem, IMO, is our social policies tending towards overt xenophobia. THAT is what will kill the US and the Western European countries if we don't get off of this nationalist bandwagon that we find ourselves on.