In every generation, certain empire supports the engineers and they build great civilizations. Then the bean counters, priests and politicians take over and that civilization dies, never to get up. This happened to the Greeks, the Romans and so on...
Since 1935 through 1995, engineers did pretty well in USA, but not in China or India. Now the tide is turning....they go up, we go down....
Yes I'm afraid that's true, it seems to be a repeatable phenomena. Actually here in USA we started to see the decline in the late 1970's after the energy crisis. In 1980 the change of administration ushered in the steady move toward globalization, which benefited certain large corporations and set the stage for the off-shoring of engineering, which is now in full swing and affects me on a daily basis. Can't imagine ever telling my kids to pursue a career in engineering.
I have seen recently though that the rate of off-shoring is starting to slow a bit as the labor costs in India are starting to rise (still a fraction of the cost to do that work in US or Europe though).