A big problem is that too many American kids go into the liberal arts and wind up getting useless degrees like Black Lesbian Studies. Or the kids that are smart don't go into science and engineering. They go into the medical field where the same science background is needed. The U.S. does have top graduate schools, but we are producing advanced degrees for outher nations. We have the reputation for creative thinking in the sciences and a lot of Asians come here for graduate work because that creativity is lacking in their home countries. It also doesn't help that there aren't many good science teachers in the K-12 schools. And it doesn't help when political considerations are trying to get science courses changed to reflect religious values. That just fuels arguements and doesn't do anything to advance science education.
Why spend five years getting an engineering degree and be worried that the next wave of outsourcing will hit when you can get a liberal arts degree and go on the government dole?
There are many high school advisers telling kids not to get engineering degrees, because the jobs for those degrees will be filled at a plant overseas.
>>It also doesn't help that there aren't many good science teachers in the K-12 schools.
The work rules requiring education degrees / certificates in order to teach really hamstrings the hiring of technically qualified people. People with math, science and engineering undergrad backgrounds should be able to go straight to a classroom to teach, with maybe a 6-week teacher training class. Getting the "Bulletin Boards 202"-type classes from an Education undergrad program is not necessary, but is now the sort of thing that is required in most states in order to teach K-12 in the gubmint skools.
When you have to compete with Third World wages, the engineering degree might be as valuable as Black Lesbian Studies.