There's a joke that everyone in customer service at a bank is a VP.
Dan  Steinberg wrote of trends to  decreasing # IT workers and increasing proportion of managers.
One  potential factor that I haven't heard anyone discuss is a change in focus from  big projects to small. A feature of the dot-com era, we used to speak of  "internet time". Time to market was everything. Now the bubble has burst, but  the pendulum hasn't swung all the way back to "quality before timeliness" as a  driver.
Why should this matter? One feature of the manager/worker  interaction is the need for managers to help resolve issues, focus resources on  problems, that sort of thing. 
Before the internet, projects were  typically larger, and mostly internal to the organisation. Large projects with  lots of introspection have fewer unplanned issues, at least in my experience, so  there is just less for a manager to do. A project comes up, some folks are  assigned, by and large you can sit down with the engineers, get them moving in  the right direction, and sit back for a spell. There is more people supervision  than problem resolution being done by management.
By contrast, a dynamic  environment with lots of small projects being formed and reformed, interesting  and difficult questions come up more often. And the extension of these projects  into the external (that is, outside the firewall) realm means that more of these  issues are of potentially broad organisational import. And thus may require more  management attention, more often. And so, more managers.
Note in all  this, I've been using the word "manager" to mean "responsible person who can  speak for the organisation". "Manager" is vague, which is part of the problem -  we just don't have common language to differentiate between "people supervisor"  and "responsible team-member". Or job titles. Hence the joke about banks and  VPs. They have to be VPs because their word can come to bind the bank. Even if  they supervise no-one.
Which leads some to imagine that there is a  problem when the ratio of managers increases when such is a spurious result due  more to language than to reality. Again, in my experience.
 
 
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