The part where I see a disconnect is when you mentioned "Though there could be a huge number of american engineers, it simply doesn't match the demand at present."

I see this as a function of supply and demand. I haven't studied economics formally (beyond the examples in my math classes), but I understand that economists talk of a demand curve and supply curve. At lower prices, consumers tends to demand more of a product or service but producers supply less. At higher prices, produces have an incentive to supply more but consumers tend to demand less. The point where the supply and demand curves meet is considered the market equilibrium.

Right now, it sounds like prices (salaries) for engineers haven't hit equilibrium. 80-90k may sound like a lot, but clearly the economy is demanding more engineers at this level than the market will supply. I don't know where that equilibrium point will be, but considering the number of very lucrative career paths smart people have available to them, I suspect it's going to be quite a bit higher.