In the mid-80s people tried to tell me that software was too crowded, that there were too many people going into it and that I was unlikely to have the career my dad had. They were partly right: I've been even more in demand than he was.
Software development salaries are crazy high right now, which is a sign of a ton of suppressed demand. The web is far from done. Mobile is still rising. We are just getting started on the "internet of things". And that's only on the consumer side. Business is not going to be less dependent on software, and the ever-more-networked world is shortening cycles and increasing competitive pressure, meaning business software needs to change more often.
Yes, by all means, people should keep on learning. But the "gosh you'll be fucked in a few years if you don't go back for your CS degree right now" thing is BS.