Software is a people intensive job so more people generating relatively lesser revenue than the manufacturing jobs.
SAP, Microsoft, Oracle all have huge development centers in India. Try and talk to people in SAP, Oracle etc. their hardcore development jobs are diminishing.
People with SAP, %u2018C%u2019 Java yes they do have a job but mostly they run around customer to customer on hourly consulting work. Or settle down with 20-40% drop in their compensation as compared to what they earned in late 90s. Again being eyed upon by TCSs and Wipros.
You have absolutely no idea of the computer industry in the US right? Those people who had 'great' jobs have settled for mediocre jobs. Many have already left or switched their profession. And those unfortunate Indians who had to have gone back.
Drop in University enrollment between 2004-2005-2006 is a clear indication as announced by the universities. You are like that Republican who flaunts the stock market for all the junk that is under your rug.
