It’s really just market economics. The labor market is no longer bound by borders, companies no longer have affinity to a country, nor do politicians, since they get their campaign funding from companies. And it’s not a conservative or liberal issue either, all sides are equally part of the market expansion.
As the market has expanded and become more efficient the market drives to equilibrium so US wages drop and foreign wages climb. It’s really technology that has enabled this shift, the Internet especially. H1B is just the tip of the iceberg, most of those jobs previously located in the US have simply moved to other countries.
We can whine all we want about it, but it isn’t going to change anything. The world is shrinking and our kids just need to wake up and get a whole lot more competitive if they want to keep the standard of living their parents enjoyed. They are now competing on a global level.
When Companies in US lay-off employees , same companies gives bonus in India.
“We can whine all we want about it, but it isn’t going to change anything.”
You mean, you seek to dismiss all this by calling it whining? How can American workers compete with slave labor wages that exist in most of the world, kept at that level by governments who don’t give a damn about the prosperity of their own people? Is there a natural law missed by Einstein that requires the dismantling of American manufacturing and the removal of millions of jobs while importing millions of low-skilled illiterate third worlders?
Your wrote: “As the market has expanded and become more efficient the market drives to equilibrium so US wages drop and foreign wages climb”
The communist Chinese government sets the wages for one-fourth of the world’s population, not the market. The market equilibrium you mentioned would have kept our standard of living the same or better.