Not true. Some careers pay off better than others. My average lawyer friends are doing as well as my successful engineer friends. None of my friends who are lawyers, doctors or accountants have been retrenched and made to drive taxis or be security guard. On the other hand, all of my friends who have been retrenched, save for one in banking, are from the engineering and IT positions.
Our local universities takes in thousands of engineering undegrads each year, but only a few hundreds to study law, medicine and accountancy. That already tells you that it doesn't take much to be an engineer. Kids get the wrong idea about engineering because in schools, the top classes are usually those who do well in Math and Science. But in the real world, it is the lawyers, doctors, accountants and bankers who make the most money.