It's already happening. I'm a contract programmer myself, and the company I'm contracted to has announced four outsourcings of various departments (programming, computer operations, analysis) in the five months I've been there. Some have been domestic, some have been offshore. Their plans for the next couple of years are to do more of the same.
The irony is, a lot of the people who are getting displaced by this aren't full-time employees, though they are getting hit hard. They're contractors who are here on visas from India. Since companies are offshoring their jobs, some of those folks who came here on H-1Bs or L-1s are actually having to think about going back to India to get work. (The company allows, in some circumstances, a full-time employee to bump a contractor out of a position when there's a downsizing, which I think is fair.)
}:-)4
Because of a Supreme Court decision in favor of a contractor who sued Microsoft for employee benefits, arguing that he was as good as employed there because he had been working his same position for years and years, US companies are limiting US contractor terms to avoid incurring that kind of liability themselves. So the contract people who know the most about the operation can't even be kept through outsourcers. That is, unless the contractor remains outside of the jurisdiction of the USA. Somehow it doesn't seem fair. Is this something that Congress could fix?