I don't believe there is any shortage of computer science talent. I believe there is only a shortage of students graduating with CS degrees from schools like Stanford and MIT which is what many employers are looking for. NACE figures really seem to indicate we don't need more junior level programmers as 42.5% of graduating seniors majoring in CS did not have a full time job offer (not even in unrelated fields) at the…
I'm not sure that more schooling is the answer, but I do feel like we are always strapped for talent. The people who pass are usually spent a significant amount of time teaching themselves.