One might even go so far as to postulate if the IT industries push to get more people into IT is so that labor supply goes up leading to labor costs going down.
This has been discussed in great detail, especially here on HN. The consensus seems to be that even if you increase the supply by a lot, the nature of Software Engineering, its inherent complexity will restrict the supply of the highly skilled workers. This theory seems to have held out in the Indian/Chinese labor markets; but its possible there are other systemic reason for that.
Meanwhile the demand for Technology skills keeps increasing rapidly. Perhaps in the next economic bust there will be a much-delayed correction. The future does look pretty rosy for Software Engineers at the present time.
People want a lot of top end coders. The lower and middle, far less so.
Lumping all comp sci labor into one skill and ability bracket prevents nuanced understanding.