Oh please...do you think kids think about that and say "I may as well not do anything?"
Get real.
No, you get real. Engineering, comp sci, physics why would any college freshman study those 'hard' subjects when an H1-B is going to do it for 50% less. Might as well party. Seriously, the psycological effects of being overrun by a foreign invasion of cheap, educated labor has never been explored. Interesting...
Being in IT, when I think about learning new technologies, I have to factor in whether some "Dot head" is just going to come in on a 747 with an H1-B and do it for 1/2 the price, or worse the whole thing will be off-shored. So I will do what I do now (C++ programming) until that runs out and then I will find something else, I guess in a non-technical field.