I still do some wrenching, too- only part-time though.
As far as the shortage of mechanics- I hear that a lot and I also see it, but I have not seen an increase of pay. Supply and demand would dictate that wages go up, at least in theory.
When I graduated A&P school- we had one of the smallest classes ever. From what I hear they are getting smaller, too. Just a few years ago a prominant school in the area shut down because of lack of enrollment.
It also amazes me that the BLS still lists A&P's as "unskilled labor". When I heard that- I was floored. Perhaps partially the cause of the low pay? - I just don't know.
Just a few weeks ago I had a laid-off Lear driver come in the shop (where I work part-time) and asked about getting a job in Mx. I informed him of the pay and everything and he just said "oh". I hate to "run" someone off like that, but, I gave him the truthful picture of what this side of the industry is like. I also told him that working on them is a very poor substitute for flying- if flying is really what you want to do.