Is engineering a viable profession in the US?

There are many well-educated engineers in countries such as Russia, China, Romania, and India, who can do the work currently done by US-based engineers, and whose pay scales are less than 25% that of US pay scales. US companies exploit this situation by creating satellite operations in low-pay countries or by contracting out work to overseas companies. This extends to professional employees a process that has eliminated the jobs of millions of US factory workers.