I know this one will light some fires...
One point which someone else made to me about outsourcing of jobs to India is that those people wont work cheaper forever. They have a high demand for western goods and their salaries wont remain quite so low. When the salaries do increase to the mark, the jobs should shift back to their original locations leaving people all dressed up to party with nowhere to go in a manner of speaking.
IMHO, this is true but i think it will be way too long a timespan for it to matter to someone in my position (a student). I give it a good 20 years before something like this occurs. As a student from New York, one of my greatest concerns is actually finding an engineering job in New York, let alone the US.
This situation is definitely putting its pressure on me and limiting my options. An alternative which was presented to me was to get a job in a financial firm as an analyst of some sort to stay in NY. I hear this is a good sort of degree to get even if you dont want to be an engineer because you can do a lot more with it. As nice as it is that this is true for us and not someone else, it is a wholly dissapointing thing to have to resort to something like this. Theres always the defense industry and research right?