I work in a department that does what would have been called operations research (and was when I graduated from college a long time ago) and now is probably called industrial engineering. We basically try to optimize internal budget allocation in a large corporation. Algebra is one of many math requirements among other things like calculus, differential equations, familiarity with matrix operations, etc. The sad part is that I'm trying to hire someone with those same skills, and the pickings are mighty slim in the US educated applicant pool. Too many degrees in "gender studies," "dramatic arts," etc. and not enough in applied math, engineering, etc. The applicants from India and to a lesser extent China are much better prepared.
The son of a friend of mine just finished a Ph.D in Math. My friend, a math-NUT, audited as many of his son’s classes as he could out of sheer joy. In speaking to one of the several Indian profs, he learned that scholarships in math at every level every year were untouched—millions of dollars’ worth in a relatively small Ohio school. The reason—American kids didn’t seem to feel the need for such grueling subjects. Too many other subjects led to an easier time in college and more money afterwards. And, of course, it’s not just math. Medicine’s suffering, too; and unfortunately the answer’s been limiting the basics and pushing the specialties (especially those dealing with athletes’ problems). The facebook/reality show generations.