First, America is only 4% of the planetary population. That means that 96% of the world's geniuses are born outside our borders. Our universities are the best in the world, so why is it so surprising that intelligent foreigners are crowding out Americans?
Second, American laws price American workers out of the global market. If a business offers an American call-center specialist $13/hr, it really must pay something like $20 an hour in taxes and bureaucratically-mandated overhead. Whereas, $13/hr is $13/hr for a call-center specialist in India.
I would advise parents not to train your children to become engineers, because they'll be competing with a world full of engineers. The same with computer programmers (maybe more so). What should your children go into? Well, they can become lawyers. The Bar Associations of the US will never allow remote-TV connections with outsourced legal teams in New Dehli.
I'm being cynical, but I suspect I'm also being dead-on accurate about the future.