Is College just a big scam?

I'm currently a junior at Cornell. I decided to take up Mechanical Engineering as my major but I'm sitting here working on one problem that has me baffled whereas it has taken me about an hour just trying to solve it. As I'm sitting here, I'm thinking is going to college just one big scam? I'm not at all worried about all of the debt with student loans that I have occurred because I come from an affluent family. My father is a cardiologist so he gets stuck with the bill. My father has always been big on education which is all well and good. But, I know everyone going to further their education can't be rich, take for example a couple friends of mine who are Law grads. Both of them ended up in the top three percentile of their graduating cles but have no job offers, and they attended well-regarded schools. Both of them consider their educations a colossal waste of time and now they have to pay six figures worth of debt to this institution. I love engineering, but the Lord knows how rigorous the cles are, am I just wasting my time? Considering the state of manufacturing, with offshore outsourcing, what can I expect from the job market, 10, 20, 30 years down the road. Is my job going to be outsourced to some third world country(what do they call India and China now, emerging markets)down the road because alot of engineering is based on the computer. Should I just switch to medicine or even business, where I don't have to constantly worry about my job security? Why waste all this money with going to college to get your bachelors, masters, Ph.D to not even get a job offer coming out of school. Am I being to cynical?