only kids and low paying wages will be in software, in the US, soon enough
Well, I can't speak t your experience, but at the formerly-small company I work for (we were acquired a year ago and have grown headcount by at least 50% in the last year, and have budget for 60% more growth on the team I'm on) not only is it not a race to the bottom, but there's lots of jobs.
It's true that when I started, at 33, I was one of the older devs. As the company grows, we're hiring more college kids than older people, still. That has nothing to do with anything but the people who are applying -- I haven't seen a lot of resumes from older workers. But we don't look at age at all, we look at talent. Definitely there's been some age 50+ hired for our east-coast branch.
The "pointy-hairs" in the company I work for are former engineers, who in some cases realized they're not great at writing software and moved into management. The first line managers are expected to be technical contributors. The company founder / CEO was an engineer.
And to the point of outsourcing: it's a temporary thing. The problem is quality -- if you are a foreigner who can write software as well as anyone else, you will not continue accepting less money for the same work for long. The only people who cost less are the ones who don't do as good of a job.