Well to be honest 1/10 was a little bit of overstatement, but yeah every year there's a governmental report about how this country is missing 150k programmers so it's about 1/8 or so.
In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way.
If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.