While agreeing on the cost of living, I have to say that the number of engineers will not be growing too much (I say this as a latin american engineer): Most latin american countries are below the replacement level fertility of 2.1, especially the ones who provide the best quality engineers (Brazil, Argentina, Chile and Uruguay) and the ones who aren't such as Bolivia or Ecuador, are barely above replacement. Already college cohorts are 25% smaller than their historic maximum in Chile, and Chile together with Uruguay are facing a dramatic threat of decline since their total fertility rates are lower than 1.3 for 2022 and falling (for Argentina and Brazil it's no more than 1.65 for the same year, just below the TFR of the United States at 1.66).

As a result of all this, the economic structure of these aging countries is changing and the decreasing cohorts of engineers will be even more compelled to settle in Europe or the US, the taxes to support non-working parts of the population are leaving less margin for starting businesses and families. So american companies won't be outsourcing for much less for same quality, at least from latin america. I think that the US won't need to be too stringent on foreign remote workers: third-world politicians will push workers out in their thirst for taxing income (and the rationale will be: "They have to pay their fair share!").