It's happening to a degree
Technology workers in India at least (not sure about China) are demanding better compensation. Quite naturally, imo. The gap between their high-end wage and our low-end is closing somewhat, but it remains an impressive chasm. My understanding is that you can still hire a software engineer in India for a lot less than it'd cost you to get a web monkey over here (in this case, comparing apples and oranges IS instructive!). Something's gotta give, even moreso than it already has, and I think it's us who are gonna do most of the giving.