To put things in perspective with the topic, the article linked by the OP was talking about a very specific situation in the power industry, which does likely have a shortage due to an age-gap.
Engineering as a whole could certainly have a glut while the power industry and other niche fields like programming have a shortage. Lucky for them.
As a Mechanical Engineer (BSME), I certainly feel like this is the case. When I graduated five years ago, I had a gut feeling that the piece of paper I received was a dime a dozen.
That being said, I still think there is a chance for superior talent and work ethic (hoping that I have both in sufficient supply) to prevail over a glut of degree holders. It's interesting to discuss the topic, but as an individual it does no good to blame immigrants, government policies, or our engineering forebears for one's own plight.
At this point I often joke that, if I had it to do over, I would have been a dentist or a dermatologist. Work half the time for ten times the pay. Alas, who can predict what the perfect job would look like in their future self's eyes?