I doubt it. IT work is pretty easy to send abroad as it is, so if an employer is only looking at cost, that's already been an option for the past 10/15 years. It's only going to get easier in the future.
And if it were, across the board, a lot of other things would get a bit cheaper too, no?
The equilibrium will be reached at a much lower price point than in the case of restricted supply of talent. Whole industries restrict the supply of workers for that reason: CPA, lawyers, and dentists being three prime examples.
People like to pretend that most things can be trivially outsourced, but that's not the case at all. Managing a team down the hallway is hard enough. Managing a team in another timezone requires the kind of skill not commonly found in US corporations.
