So we graduate four or five times the number of mediocre engineers. In China or India mediocre engineers are a dime for two dozen. If we produce "genius engineers" and "genius scientists" who push nano tech and big pharma ahead, that's a different story -- but requiring few people.
The cost differential between American and foreign engineers (like manufacturing) is simply too great.
Sadly, to restore America to greatness it may take China to invade Taiwan so war breaks out. Overnight the Walmart imports stop, offshoring and H1-B visas stop, social spending growth stops, manufacturing takes off, real education is needed, serious investment in technology such as robotic weapon systems starts, everyone becomes focused on one objective. After the war, there is so much robotics technology that many people find new high paying jobs building and taking care of robots, and cheap third world labor becomes irrelevant.
It's too bad this can't happen without war to focus us. I wish there was a way to induce this behavior without war.