I would argue that two major factors are really affecting the market on both sides-- one is that cost of living in many places is extremely high, and the other

I would argue that two major factors are really affecting the market on both sides-- one is that cost of living in many places is extremely high, and the other is that businesses are demanding people with deep understanding of complex technology from day 1. Decades ago, cost of living was lower, and apprenticeships or "learning on the job" was tolerated. These days the landlord wants 30k a year, and the employer wants to pay bargain basement for "10+ years of reactjs experience" :)