My take on this thread is that engineers especially in R&D, at least from my father's generation, were the first to be kicked to the curb by management when times were tough .... leaving only the blue-collar factory assembly people churning out the same products while management stuffed their pockets with cash. Engineers were valued when times were good, with management profiting off their hard work and ingenuity, but when times were tough they were the first to be booted.
Thus a whole generation of kids in my area were shown through the experience of their engineering parents that it was not valued. In fact, electronic engineers, mechanical, HVAC... many of the smartest people around, university educated and often experienced in broad fields, were continuously being gutted from middle-management aka "white collar" positions, at least that's how I saw it in recession-prone 80's North America. Especially Canada, where all the best engineers were migrating to the USA (the"brain drain") while Canadians were left battling it out for the few firms remaining.
Who is surprised that many university-educated professionals, including engineers, are findings their job prospects a hit-or-miss, with wildly varying salaries and job security? I guess the situation is better now, but still with what I believe is undervalued, kids feel that they are better off going into another profession, into sales, or who knows what else.
I am certainly glad with the internet and many startup engineering projects, Arduino, Raspberry Pi, Kickstarter and so on, my kids today will have a better experience with engineering and want to pursue it and make a living from it. I think things will change for the better in companies where engineers have top-management positions (those started by engineers)... They may be the best companies to work for, not when management has no value or understanding of the engineering field.