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It depends on whether your spouse's skills are particularly specialized and benefits greatly from his experience, or whether he's more of a technician-level engineer. For technician-level engineers, the fresh-out-of-college variety not only has a lower salary (and cost), but the kids have theoretically more recent exposure to the latest technologies.
However if you are an engineer who has developed a specialized set of skills that are in high demand and benefit from additional years of study and experience, then you'll be in high demand.
Unfortunately I think any mechanical engineer is on the lower end of desirability, unless you're talking about an ME with a lot of solid propulsion/missile experience. Electrical and chemical engineers seem to be the hot commodity right now, AFAIK.
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