I can't speak for everywhere, but in Austin the tech market has experienced serious wage inflation, and it is entirely due to restricted supply. My girlfriend is a technical recruiter here and would agree with me. Educating more Americans in STEM could solve that, but I'm a bit skeptical about that. If super high wages doesn't attract more entrants into that job market segment, how is having an extra CS course or two available make a difference? Is unavailability of STEM courses really the problem? Maybe not.
But two counter forces are keeping the insanely high wages slightly less insanely high. First is visa programs like H1-B. The second is corp-to-corp outsourcing. If your goal is to prevent wage normalization in places like Austin (again, I can't speak for how things are nationally), then you need to attach both outlets of downward wage pressure. If you only attack one (H1-B), the market will just settle on the other.