This is an incredibly good sign. Jeremy's statement translates to two things.
1. Factor productivity in programming is so high that even "mediocre and bad programmers" can make a net positive contribution to the economy.
2. Barriers to entry are low.
Would we want to change either of these things? Surely no one is going to argue that we should prefer lower factor productivity.
So, what about barriers to entry? If you look at industries that have '1' but not '2', you have a small set of very rich people keeping people out of the industry in order to protect their riches. This makes everyone else in the world poorer, because the service is artificially expensive, and it's especially bad for the "bad and mediocre" people who could have otherwise made it in the industry. The main benefit of creating high barriers to entry would be to make people who are already rich by the standard of the one of the richest countries in the world, in the most prosperous time in human history, even richer. Why should we want that?
It's great that some people think of programming as a craft and continually do everything they can to improve their skills; I can completely understand the attitude, since it's one I have myself. But, not everyone is like that. Some people would rather spend time doing other things. What's really amazing is that we're so rich and productive that someone can put almost no effort into learning how to program and still be a productive member of society. I love it that we live in a country where people can work 1/100th as hard as an employee in a Foxconn factory and produce more value. I hope that my kids will be able to be ten times richer than me while working one-tenth as hard. I pray that they'll choose to work harder than that, but I want it to be a choice.
It is a wondrous and amazing thing that total factor productivity is so high in the U.S. that unskilled Mexican laborers become three times more productive when they cross the border; keep in mind that Mexico is, on a global scale, one of the more productive nations in the world.
Try imagining these things happening for, say, doctors, civil engineers or something else that matters. I'm sure many are going to argue that we should prefer lower factor productivity.
Reducing barriers while still producing similar or good-enough output is the nature of all industries.
To take the doctor example, say you have the following available to you (price for a single visit):
$0 - Google
$50 - Cheap Walk-In Clinic
$250 - Regular Doctor Checkup/Visit
$1000 - Semi-good specialist
$9000 - Specialist
To go back to programming, take the same list
$0 - CMS/Drupal/Wordpress/Bighost
$1000 - Outsourced
$9000 - Local Consultant
It isn't about money, it's about the quality of stuff we're producing and how much we're polishing our skill. The overall quality of everything seems to slip over time in the name of cost savings. By being a mediocre programmer rushing through and putting out crap software you're only being a cog in a machine that's making the richest at the top very happy.