I don't disagree, Laz, but you tell only part of the story.
The surplus of foreign labor in software engineering has put a ceiling of around $90,000 on above average code writers.
Adjusted for inflation, their pay level has gone up less than 1% per year since 2000, quite odd, since they are allegedly so hard to find.
Another issue - USA college students.
American kids may be lazy, but they aren't stupid.
Why would an above average American student major in software engineering when his pay will cap out in 7 years, and some kid from India will take his job away in 15 years?
Well done. You’ve got me thinking about my own career. Yes, I, too, seem capped.