In part. There's also minimum wage laws that remove the first few rungs from the success ladder, and excessive child labor laws, together they help prevent a growing youth from developing a work ethic.
There's the H-1B, L-1, J-1 and related visa programs that exclude some Americans from jobs and depress the wages of those lucky enough to find one.
And if the wage and indentured servitude provisions of the worker visa programs aren't enough the visa workers are exempt from ObamaCare expenses!
Then there is the vast thicket of regulations where no detail of a business is too petty, no penalty too great...
Those H1B visa people are for most part programmers from India. There are 50 million programmers floating around in the world. Do not expect high wages in that field.