One element of the shortage is all of the new gun owners that just purchased guns and are taking training classes and practice trips to the range. The Obama fear factor is a part that is driving new gun purchases, but there are other factors as well. Some of the recent public shooting events has convinced people that they need to become responsibile for their safety. The local ranges are at full or capacity and more than capacity at some.
Just based on a couple of observations of CCW classes qualification shooting, it appears that the people getting CCW are a fair cross section of the population. Maybe more women and younger couples than I would have expected. Also seems to be a larger number of 65+ couples.
So, the shortage solution will not happen until Federal, Winchester, and Remington double their production of new ammo. I suspect that the "normal" for ammo demand has changed. If the military gets out of some of the middle east conflict, maybe that will reduce demand, but I really do not think we will notice.