That is certainly true to a large extent in some companies, but it’s not the only reason. Cisco created an unsustainable business model, and other companies and technologies are redefining the entire space.
Workforce reductions due to H1Bs are driven by cost and have the largest impact in companies not interested in a quality product. The age discrimination is a separate, but related issue.
Many tech companies blatantly discriminate on age. I’m not suggesting that it’s fair or right, but it’s a well-known trait that has only grown worse. I’ve had many friends out of work, and the longer they stay out, the more impossible it becomes to get back. Many have started their own businesses or switched to another career, while some became dependents of Uncle Sam after depleting limited resources.
I’m not advising anything other than planning for disruption, no matter who is president or where the economy goes. When that disruption is age, it hits us all.
I would say that many of us, aged or not, would not have problems remaining employed if we stopped the import of workers and stopped the big IT companies opening operations and taking our work offshore.
[Many tech companies blatantly discriminate on age.]
I heard that HP did that recently (today?). Does anyone know if that’s correct?