First of all, the market for IT professionals is down, and the two main reasons are:
1. Dot-Com/Bomb (compare this to Calif Gold Rush of 1848)
2. 9/11 (though the enconomy was already in trouble)
Now, had dot-com/bomb never gotten started in the first place, I suspect that the I.T. market would have about
the right number of people working in it. The end result of dot-com/bomb was that anyone who came in and said "I can design webpages, etc" could get a job, w/out much hassle.
The I.T. Ads in my area now make NO mention of salary, but the schools have to put ads out to attract students (never mind that for every job in the newspaper classifieds, there are at least 50-100 people applying).
As a long time worker in this field (21 years in June), I would LOVE to make 2x or 3x what I am currently making (I could if I did consulting on the side, but I don't like to consult as much anymore). I also have to look at the time I invest in schooling (which seems to be all I ever do anymore, btw), and working an average of 50 hours a week.
All this aside, I don't know of ANY entry level persons getting 70K a year to start, and the maximum salary level i've seen for most jobs won't top more than 70K at the moment (due to market conditions). Also, people who are just finishing up their college degrees in IS/IT/CS (started say in 1998 or so) are getting a rude awakening as to what can happen in this market in just 2-3 years.
I went through the last recession in 1990-1993 and the I.T. market wasn't very good back then either (it seems to go in cycles). However, as more baby boomers start to retire, people will need to be hired to replace those bodies, etc (don't get me started on OutSourcing or H-1B hires)
