Maintaining the prerequisites for an ongoing market system - such as the existence of a middle class - requires regulation. Failure to so regulate is a slippery slope toward the law of the jungle.
I have seen middle class disappear before my eyes in Chiacgo area. No, it was not due to H1-B visa’s. It was due to companies moving their manufacturing operations abroad.
Until 1960 or so, Chicago was one of the prominent manufacturing centers of the country. When factories were closed due to moving to cheaper labor countries, middle class manufacturing jobs disappeared.
Solution? Only solution I see is BALANCED trade via tariffs. If a company moves their IT operation abroad, there should be tariffs on that product as well.
But doing it with artificial restrictions on domestic production goes against basic tenets of free market capitalism.