To answer your question, I don't have trouble finding or keeping employment. This move will simply drive up my market value. So I'm for it.
The simple economics you are quoting will argue against protectionism. Even hypothetically assuming it will increase wages it will in turn make it costly to innovate and increase the cost of services for average American consumer.
If Citibank charges $25 monthly fee they might have to charge $30 to make the same money. That generally hurts American consumer just the way American protectionism towards Steel and Sugar industry hurts American consumers while benefiting special interest groups.
For those of us who have taken Econ 101 can tell you that this is even worse for resources such as human mind. The marginal impact on salaries with every additional H1B US taken in next to 0 simply because Job at higher end are not zero sum game. Each extra person helps grow the pie significantly this increasing the salaries even further.
For low value jobs such as a gardener, a cheaper labor will replace the expensive one because having two gardeners does not increase the productivity of the employer by 2X. But for high-end jobs such as say a Doctor, having many doctors would mean more drugs, faster solution to diabetes and cancer.
You're quite right, of course, and until about a week ago, I would have opposed this change to the law on that basis. But I've had a bellyful of being lectured and name-called by self-righteous billionaires. So now whatever hurts them and helps me, I'm all for.
And although protectionism does hurt a country overall, it helps individuals and companies that are protected from competition. And for this change to the H1B law, I fall into that group. So bring on the protectionism, I say.
The reality though is that H-1B has been so completely abused over the past decade to the point that wages for skilled Americans have suffered a serious pushdown effect.
It's not the fault of the workers, and if this goes through we're sad that folks will feel some pain, but it's about time this gets patched up.
I'm very unsure about this, but thinking maybe I should hurry and buy a house if this passes.
The supply is artificially set by law. The fact that they will cost $130K instead of whatever it was before will make it much easier for me to compete with them.
It might also make it economically feasible for US companies to hire US workers who might not have all of the needed skills, and train them. That works for me.
