The simple answer is there is more supply than demand as we’re not creating that many jobs here in America.
The oversupply comes from here:
Want some proof that we’re not creating that many high skilled tech jobs?
Here is a recent government report that shows that we had 232,000 fewer job openings in our professional and business services category than we had in 2018.
Professional and Business Services category is where the bulk of our tech jobs are listed at.
Reckon those 232,000 fewer openings had to do with more companies sending their tech jobs to India and other places?
The link above will take you to where I found this chart at.