Actually, the number of CS and Engineering degrees as a percentage of all awarded degrees hasn't appreciably changed -- 8.1%, slightly up over the past several years but still significantly below the ~9% average of the 1990s and 1985's high-water mark of 14.1%. With CS-related employment growing at twice the projected job growth average, I don't see the modest number of CS grads negatively affecting sector wage growth.

Most CS students at my universities were international students for the past 15 years. Even if all were to stay in the US, the immigration laws for foreign are designed to protect the US jobs. So unless the laws and demand for workers change, I doubt salaries would drop.

I would be very surprised if it did. The problem has never been the number of people who can do the job, but who's willing to do the job.

I read somewhere that the demand for engineers increases by 18% every year while the supply output only increases by 2%.