From personal knowledge virtually all mechanical engineering graduates at a local state university are getting jobs or going on to graduate school.
I believe that there is a concerted effort by those in the software industry to pump up the labor market with H1b visas so that they can keep wages down in those sectors.
However, in industry we are seeing a resurgence of manufacturing returning to the US and that will require certain engineering disciplines and STEM savvy workers who understand modern QC/QA techniques or we will not be able to grow manufacturing in this country because of a lack of key STEM-skilled workers.
Can you be a little more specific as to what "key" engineering disciplines are in short supply? And what kind of numbers are you talking about in terms of needs?