The other important and often overlooked missing piece of the equation is that programming is a brutally ageist profession and that the typical programming care

The other important and often overlooked missing piece of the equation is that programming is a brutally ageist profession and that the typical programming career is short. If you haven't made it into management by 30 you will find it increasingly hard to get rank & file coding jobs. So even if the typical programmer's salary is relatively high you mustn't forget that this career may only last 10-15 years in many cases. It's pretty simple IMO. The programmer shortage would evaporate if programmers were paid according to the value they create.