You would be wrong. Just b/c it's not down for your discipline doesn't mean it's not down for mine or the next guy's.
Fair enough.
I'd jump on $10/hour right now out of mere common sense.
So you are currently unemployed? $10/hr can only look good if you do not have an engineering job right now. Like I said, there are jobs out there. Maybe not in your area, but the market is a whole is not so bad that I would consider what amounts to a consulting job for $10/hr.
And, this is very common practice for engineering companies to hire all they can for as little as it takes in an employer's market. It's low down, but it's smart. You don't need a Masters for QC, metallurgy, physics, design, stress analysis, et al., they simply WANT one. As an engineer worth his salt, you should know that.
True enough. Experience can easily outweigh education. However, there is a difference in those with a graduate education and those without. Not everyone is capable of graduate level work (granted, some are capable but choose not to and those are the people for whom the MS vs BS doesn't matter because they are damn good engineers regardless). Your typical BSME does not operate at the same level as a MS or PhD. That is why typical salary for an MS is (or was until recently anyways) $15K higher than for those with a BS and advancement is easier for those with the graduate degree.
My point was more directed at the non-engineers who seem to think they could do firearm design as well as an engineer.