IT folks spent more than a decade job hopping and driving up the wages. They created a bubble and it started to burst a couple of years ago.
There was a bubble during the dot com boom, when Americans with low computer aptitude were attracted to the high wages and plentiful jobs, however the software and engineering students today are mostly foreign born. That's because the bubble burst 8 years ago, and now Americans don't see technical fields as having job security or being worth the effort. If someone has natural ability, it's still possible to make a good living without long hours, but the supply of talent is less than the demand. A higher wage is how free enterprise does its thing. Not only is there no bubble now, wages have been depressed by cheap imports too far to attract enough Americans into the field. Strategically this is foolish because a war with China would throw the demand curve through the roof overnight. There will be another painful bubble in the future, caused by short sighted decisions by business, and envy driven politics.