What is in short supply is experienced, skilled developers willing to work third shift for minimum wage. These workers always will be in short supply. It's probably a waste of time pointing out that there are always enough workers if you allow wages to rise until supply meets demand.
That said, it makes me laugh (and cry) when employers cheap out and outsource to nominally low-wage countries, only to find their management and rework costs explode. When they figure out that outsourced labor won't work magic for them, and they try to rebuild their IT shop, they whine because college kids figured there's no point to a CS degree and switched to bioengineering. And surprise, the older workers remaining in the IT workforce don't want to work for entry level wages.
Oh well... As for the voracious hiring appetites of the body shops, they know some secrets that I will now share with you.
Aptitude is only a partial substitute for experience. This fact is completely lost on the young and apt, who won't realize for 15 years or so that they become more capable over time.
Experience is no substitute for aptitude either. There are a limited number of focused, analytical, abstract-thinking people in the world (thank goodness). Other folks can turn out awful code for a whole lifetime and never even realize how much they suck. We found out in 1999 that you can't retread poets and astronomers as software engineers. Even in Bangalore, there are only so many geeks. And the geeks in Bangalore know it too.
The dot com implosion was painful. I went from being the most employable person I knew to being chronically unemployed. That was scary. But the geeks are back.
The geek shall inherit the earth.