The net effect is millions of US software engineers will be replaced with Chinese, Indian, and Pakistani "engineers". Many of them filling 'sensitive' positions. Gee, what a good idea that is. You ever wonder how "espionage" REALLY happens? It's when you let those into this country who have motives other than the best interest of the United States, give them a security clearance, and then put them into a "high-tech" position. Even those positions which aren't deemed "sensitive" allow those individuals to pick up our latest technology in ALL facets of our "high-tech" world, be it telecommunications, imaging, or signal processing.
That is not even to mention that those US engineers who are unemployed are currently not spending what they used to spend, so the entire US economy goes into a downward spiral.
Slave labor is always cheap. Then again, you get what you pay for...