I agree with kaiwai, these stories are bullshit. They never mention the giant parade of unemployed engineers. I myself have two engineering degrees and struggled for a long time to any work. I was able to get occasional short term work, but was unemployed as much as I was employed. I eventually gave up and moved to a different career, being a security guard. As a security guard I was paid more than I ever was in the short stints I was able to find as in engineer.