It seem like the IT industry today is going through what the manufacturing sector experienced many years ago. A few decades ago the U.S. was the world's leading industrialized nation, and we couldn't make enough cars, machine tools, semiconductors... As other countries developed, much of that manufacturing base was shifted to foreign manufacturers as global competition increased. Now software services within IT seems to be in that cycle as well as the global economy becomes more diverse.
Look at the progression that the semiconductor industry has made with offshoring. In the 1960's assembly and packaging was sent offshore. In the 1980's they started moving fabrication offshore. In the early 2000's they started sending the actual design work to foreign countries. Software services are now done globally with teams spread around the world. All of this creates a lot of uncertainty in the IT job market today. More troubling though is that this is more of an overall economic issue than something specific to IT right now.