You are right that the current state won't last long. Computer science enrollments are skyrocketing, and businesses and government alike are pushing hard for even more people to flood the industry.
That happened before. The market was flooded with anyone who could pickup 'HTML for Dummies' but the market was never flooded with 'quality' programmers. They were very easy to sift out after the first round of dot-coms died. Because of the nature of the task it probably will never be, unless the USA opened their borders to other countries.