engineering is going to become a boutique profession in the US - smaller numbers of people from only the top schools.
the only thing keeping programs in the mid tier schools afloat - is matriculation of foreign nationals. once those countries have a chance to build up their own programs in those fields, those students will stop coming here, and you will see those mid and lowe tier US programs close up shop. I guess they can teach "real estate flipping 101" as a new degree program.
doubtful
The design/engineering of a product, is essentially a fixed cost (i.e. it costs you X up front to design it). It costs you no more if you build 1 or 1,000,000. I don't see that sending it out to India and saving 30% (or less when you factor in all the administrative costs) is going to be a big incentive in the long run. What will matter is results. I see, in many cases companies are not happy with the results they are getting with their projects they send offshore.
That said, it makes sense to put to work people in other countries who are good at engineering. I just think over the long haul that we have a lot of structural advantages here. The disadvantages here are nominal cost, and lack of interest on the part of a lot of kids.
My college age brother in law who seems pretty smart wants to be a musician. When I was his age I liked programming my computer.
Lets see, when the political changerover comes, when stagnant/in decline wages reach a tipping point, those CEOs can be fully accountable to their now very over taxed shareholders.
Every day I am more convinced the US will become a full social democracy, with national healthcare, more than half the workforce on Fed, state or local payroll, with not just wefare making a full comeback, but think of not just a safety hammock, think of a safety suite.
It is sad that a bunch of morons run Wall Street.