The Econ 101 answer is that we'll have some number of people going into STEM fields would be more productive to the economy (and probably personally better off)

The Econ 101 answer is that we'll have some number of people going into STEM fields would be more productive to the economy (and probably personally better off) as lawyers or cops or bakers or whatever. More realistically, it's likely to cause average salaries for engineers to decline somewhat as supply catches up to demand.