Yes, BUT! Having worked next to an outsourced project, what we got was crap.
Now upper management excels at producing and marketing crap, so the immediate impact is not felt. Our company has a graph of cost vs. return for their different locations. Going overseas is cheap, but you really do get what you pay for.
For many business, buggy, inaccurate software is ok and they will gladly pay less for it. But there will always be those who are willing to pay a premium for quality.
Just like everything else, once the boom is over the cream rises to the top and the dregs go to the bottom. If you are good, you will be able to program for a living. It is just that a Computer Science degree is no longer an automatic meal ticket.
There's the part that no one wants to discuss.