There is some truth there. "You get what you pay for" is really true.
If you are hiring truck drivers at minimum wage, you are likely to have shortages.
Paying engineers more will increase the pool of engineers, but it will take time to train them, and weed out the bad ones.
So from that perspective, there should be no shortage of engineers. Just a shortage of companies who are willing to pay a reasonable rate.
Which brings to mind how so many companies are not willing to pay their in housh engineers more, but are willing to hire consultants at three times the rate, for second class work.