"but a lot depends on where do you live and where do you plan to live."
Very, very true, Borek. I was lucky enough to start my science career decades ago, when the profession was respected and jobs were plentiful, and I love what I do. But for US grads starting in chem, engineering and other STEM fields today, the prospects are utterly brutal- increasingly for my own students and others I've mentored, emigration from America has become the solution, and from anecdotal evidence among my colleagues, this is increasingly common.
One of the most jolting conversations I've had in the past few years was with an old student, one of my very best in decades of doing this- graduated with top honors, entrepreneurial, thrifty and innovative. But when I asked about the general consensus for career advice among mentors, promising young grads and entrepreneurs lately, I was shocked by the answer: "Learn German or Mandarin, and write a technical paper in it if possible."
I was taken aback by this, but this sort of meme made more and more sense as I researched it. While they may have their own problems, careers in chemistry, engineering and STEM fields overall are better respected in places like Switzerland and Germany (especially), Scandinavia, parts of France and of course throughout East Asia. They have a more long-term outlook there that balances the more immediate demands of markets with a deep cultural appreciation of cultivating knowledge- thus an emphasis and appreciation of basic science- as well as social structures that allow for better career and family stability in a STEM career, even in economic downturns. It's partly the mixed-economy model that everyone cites- capitalist but also community-oriented, with virtually no student loans, much lower-cost and accessible health care and day care, more modest financial demands for marriage and kids (or divorce if it comes to that) and taxes that really aren't higher than in the US given the multi-tier structure we have here- but I think it goes much deeper than that.
It's hard to pin it down, but these countries esp. in Central Europe have a cultural ethic that values hard work, preparation and high achievement, and yet maintain these values in a context that places a much greater premium on science as a tool for long-term societal gains (even if it takes many years to realize them), and on everyone coming together to help boost opportunities for each generation. Hence the growing importance of German as a technical standard, given that this is becoming one of the major opportunity-producing areas again for STEM fields.
For chemists, engineers and recent STEM grads in the USA in general, conversely, the problem goes beyond a short-term (if "from 2007" is still considered short-term) plummeting in the job market- it goes to deeper cultural issues in the US. It's this relentlessly short-term outlook that's encouraged mass outsourcing of the very tech jobs that the society needs to build a future tech and consumer base, lack of a coherent industrial plan, virtual abandoning of the young generation (massive student loans and health care costs plus utter lack of good-paying jobs means a collapsed economy within about 15 years). Not only are jobs scarce, but support for entrepreneurs is harder than ever to come by- if you don't come from a wealthy family to begin with, then capital is crazily tough to come by (and even then much of it is eaten up by health-care costs in a new business), which drastically shrinks our entrepreneurial pool. So even though the economy is improving, for STEM fields at least, the problem in the US has much deeper roots over decades. Add in the general lack of regard for the sciences and intellectual striving, and more holistic aspects of society such as our comparative lack of social cohesion and solidarity- the kind of "we're all in it together" aspect that helps many countries get through these sorts of crises- and the US is increasingly a lousy place to start a STEM career. Central Europe and East Asia are options that anyone with qualifications should consider.