Maybe you should hop on that European made Airbus and fly overhere, so you can find out for yourself how misinformed you are about the places you more or less describe as having no laws and so on. Don't believe everything you hear on U.S. television.
Speaking as a 'Western' engineer who has gone where the jobs are, I have experienced firsthand what life is like and how business is done in one of the countries you talk about in such harsh terms. And it is not like you describe at all. Quite the opposite. Compared to the various 'Western' so-called free and democratic countries where I have lived/worked, I am now much more free, safe and able to do what I want, how I want, where I want and when I want.
For example, if I want to start a business, I can be up and running tomorrow. There are some common-sense laws that I would have to comply to, but since they are common-sense laws and I have actually got a conscience, I'd be happy to. Things like getting staff, buying materials and selling products are all done based on free trade, i.e. if you don't like the price, don't buy it, or go to the (amply available) competition. The only parties involved are those who demand and those who supply. Try that in the U.S., or even better, in Europe. Good luck!
Given this, Engineering does matter here. Engineering is one of the best ways to improve society (e.g. by building better houses, roads, hospitals, bridges, you name it) and to differentiate your products in the free market. There are, after all, more ways to sell products and make profit besides being the cheapest, muscling out all the competition or cooking the books.
However, if a society chooses to support a system where nothing is more important than that a few billionairs becoming zillionairs, even if that means sacking everybody or killing people for profit, well hey, that society gets what it deserves. A little restraint could go a long way. Don't forget, the people in these 'Asian' and other countries are not stealing U.S. jobs, these jobs are offered to them by U.S. companies. Don't like it? Don't buy at WallMart!