The only ammunition shortage that will happen is the one we create, and even that will be short-lived.
+1. FWIW I have seen very few signs of panic buying in my local area. The LGS's still have plenty of standard-capacity mags and EBRs, and the big-box discount stores still have plenty of ammo.
Ironically, I think one of the main factors is that people remember what happened in 2008 and saw this one coming. I personally bought several thousand rounds of .380ACP and .22LR and several cases of small pistol primers months before the election. Even if there's no panic, I'll be comfortable knowing that I don't have to buy more anytime soon.
However, I would like to take this opportunity to plead with my fellow enthusiasts: There Is No Shortage, So Please Don't Spread Rumors And Create One.
Remember, there are new shooters out there who need ammo. Think about this before you buy all 10 boxes of 9mm at your local Walmart; do I need 10 boxes RIGHT NOW, or can I make do with 5?