He's dead wrong about this. We over-produce STEM grads and it's been this way for 20 years. The Department of Labor does this on purpose because they have two stated objectives:

ONE: This reduces the price of math & science competency in all of the other fields that STEM grads will go into, particularly non-STEM fields like Finance. Finance is where most physics graduates actually work, and normally for a lot of money. This is because there is a huge discrepancy between the amount of math and analytical skill that some fields need, and the actual math & analytical skill of the people who work in that field natively. Most Americans are literally afraid of fractions, and hardly any can do basic algebra or trigonometry. STEM grads can quickly get pulled into these industries and drive down the ballooning costs of these skills in these industries.

TWO: The government believes that the over-production of STEM grads is necessary in the event of a national emergency which may require a major industrial-scale research effort (like the Manhattan Project). If, for some reason, the US needed to suddenly come up with, I don't know, Silk Steel or whatever, they would rather recruit thousands of STEM grads who are working in non-STEM fields to do the research, rather than try and take nearly a decade to train up high school grads to the level that's actually needed. Retraining previous STEM grads is faster than starting from scratch.

The US has never had a shortage of STEM grads. It doesn't even now. It just doesn't have them at the price point that most corporations want them at.

Now here's the truly bad issue. Thanks to DIE initiatives, low quality training, and the political radicalism of universities; most of the people who could be excellent pure STEM workers are realizing that no one at the university wants them to succeed. A white boy with good grades doesn't mean shit. I remember my Computer Science instructor telling women who were in the program that they had nine academic organizations dedicated to their success alone; and this doesn't include grant money. As with the military and police, the good recruits are disincentivized from even applying because you're shitting everything up so bad. They're actually deciding to go back into blue collar work because people actually care more about their productivity than their politics, race, or sex.

As for STEM grads from foreign countries, they're absolute shit. They have no critical thinking skills, and off-shore companies have to be tightly managed for quality control issues. As bad as American universities are, they were so accidentally unhelpful that the only coping mechanism students had was to actually develop critical thinking, analytics, and research skills on their own with no guidance. In foreign countries like India and China, they don't have any of those skills. It's rote memorization and process. They can't solve problems. Those countries create high degree holders, but low IQ individuals.