I believe what Mike is trying to point out is that guys trying to make a living as a programmer are what we call "employees". Employees make a living. They do not amass wealth. Even in a corporate job, programmers typically do not rise to become CEO's.
Guys who just spin code are a commodity, and a lot of those jobs are indeed going offshore.
But with that said, there will always be a decent paycheck available to those with solid skills when it comes to applying technology to meet business needs.
Despite all the outsourcing, market is actually improving for techies, most of these averages are up 10-20% from a year ago:
http://www.ticker.computerjobs.com/