It feels a little strange to me, since I don't really think "should" is a useful question. But I can see why/how the government would want to get involved - markets aren't perfect, and engineers are particularly valuable, as they tend to create wealth rather than just shuffle it around.

I'm probably not the greatest guy to ask, because I have an MS in engineering and I've seen how brutal the PhD programs are. I see that the nine of the top ten professions ranked by pay are medical specialties, with CEO as the only non-health related one there. I understand that law isn't as great at the middle and low level, but at the elite level, I do think it pays very well with more career stability than engineering - and with a degree program that has a vastly higher completion rate than almost any form of graduate study in STEM fields (and much easier undergraduate preparation as well).

So how high should wages be? I guess I'd say that wages should go high enough that getting a grad degree in engineering is a good way to get on that top ten list.

But of course I'd say that, that's my degree. You shouldn't be asking me, but you shouldn't be asking the people who want to hire engineers either. Ideally, we'd butt out and try to let the market handle this.

I'm not fundamentalist about it - truth is, I would support a general skilled emphasis in our immigration system. But specifically targeting a narrow band of the workforce, under the notion that there is a "shortage"? That smells. And after digging into the evidence, I think the "shortage" is really just a rational response to market signals.