A term that basically describes the many loss of IT jobs.
Back in the good ol' days, manpower was required to get work done. These days, you just need a bunch of Indians (From India) who follow a scripted business model, and offer, or at least what they consider, a "service".
The large volume of third-world competition has not only decimated industry-level wages by about 40%, but has also eliminated thousands of previously existing jobs.
Simply put, if you are considering a career in IT, stay away! All of us who are now in IT are wishing we had chosen a different career path as we do not know if there will be a career for us in the long-term.
2008 (new student intake class) - professor speaking: "There are MANY jobs in IT! You will all start at over $60,000 per year! STARTING! You kids were smart to make this choice!
2011 (graduates) - outcome: Average starting wages fell to around 35-40k per year.
"Gee golly, sir, I sure do love being taken advantage of by my employer due to the shitty economic climate!"
A student looks for a job, only to discover that all "junior" entry-level positions, require 3-5 years of industry-level experience. Life is so not fair sometimes.
A dude gets rejected after his 4th interview for requesting a livable wage:
"cloud computing can kiss my ass!"