I studied Telecommunication Engineering in Spain.
It's one of the toughest degrees in the country, with an average time of just under 8 years to complete the courses (officially it's 5 years + 1 year for the Diploma Thesis).
When I started my studies, the entry requirements were pretty high. You needed to bring very good grades from high school to get accepted, and lots of students applied lured by good job perspectives. Of course, a great number of the ones who got accepted fell out in the first years because they couldn't cope or simply because they realized they didn't like what they were doing, but the ones who finished did get pretty good jobs for local standards.
However, in the last 15 years everything has turned upside down. Nowadays, an engineer barely makes more than a policeman or a regular public servant for example, funding for R&D (the thing which people are willing to do without thinking so much about the money) is being cut by every government that comes and young people simply don't see any benefit in spending so many years at University, specially when it's becoming more and more expensive to study and people have less and less money.
In the last course, an old colleague who now works as an associate professor told me that only 25% of the places offered in our course were filled, so now virtually anyone who applies gets accepted. And a great number of the engineers who study in Spanish universities emigrate to other countries (now especially to Germany) desperate to get a decent job.
I don't know it this has anything to do with what is happening in the US but I do know in other European countries the situation is similar. Right now, there are still a few good havens for engineers in Northern Europe (Germany, Holland, Scandinavian countries), but who knows what will happen in another 15 years.