This is from a year-old article from Business Week:
U.S. colleges and universities are graduating as many scientists and engineers as ever, according to a study released on Oct. 28 by a group of academics. But that finding comes with a big caveat: Many of the highest-performing students are choosing careers in other fields. The study by professors at Rutgers and Georgetown suggests that since the late 1990s, many of the top students have been lured to careers in finance and consulting.
"Despite decades of complaints that the United States does not have enough scientists and engineers, the data show our high schools and colleges are providing an ample supply of graduates," said study co-author Hal Salzman, a public policy professor at Rutgers, the State University of New Jersey. "It is now up to science and technology firms to attract the best and the brightest graduates to come work for them."
The onus for improving the stock of scientists and mathematicians thus falls more on employers than students, the report's authors say. "If a 12th grader asks us for advice about whether to pursue a career in physics, math, or engineering, what would our advice be?" says co-author Lindsay Lowell, a professor at Georgetown University. "It's difficult to say. There is such a surplus of talent."
So we see, there’s no shortage of American engineers, it’s just that companies aren’t interested in hiring them. It’s more lucrative for the engineers with the best credentials to seek non-engineering jobs in value-transference industries.
The concept of a shortage of American engineers is a fiction created by companies that want more immigration so they can get cheaper foreign labor.