You may be right or you may be wrong, and it will depend on supply and demand as it always has. You are implying that globalization will suddenly bring top notch talent into the reach of American software companies, but hasn't that always been the case thanks to outsourcing and H1-B visas? I understand your fear as a fellow older software engineer, but I do not share your pessimism. I am much, much more afraid of technologies which will make programmers 50% more efficient than I am of foreigners depressing my wages. If you are at the lower end of the skills distribution then sure, I can understand your worry. Talented engineers don't have much to fear, however.