Yes supply massively outstrips demand for engineering graduates. Of my Mech Eng class most ended up in IT or banking. I estimate my salary now is at least 2x what I could be making as an engineer, and despite the economy being down at the moment I feel a lot more secure with my IT skillset than I would if my entire industry was in systemic decline.
I do wonder tho' if one day someone, a government or large corporation, will initiate grand engineering projects ("let's colonize Mars! Right now!") and I'll be left out for having abandoned the "true path". Nah, never happen.
Unless there's strong economic or national security issues I'm unaware of, leave them to those interested in engineering/science. Hopefully, such people will actually know the subject matter and thus be able to actually deliver on their promise.