Except we'll not always get those undergrads ... When most of the stories are about layoffs, we won't get any more majors, but it takes ~5 years to start (not that many people will change majors).
Well, they will need to major in something--assuming they want to get a degree. It's not clear that hiring (and pay) in other engineering fields is necessarily a whole lot better, even today. And, while I don't think there's anything especially wrong with majoring in English or history, it's also not necessarily a better path if you can handle and at least somewhat enjoy CS.