How many of you buy President Obama’s argument that we need to relax immigration law so that we can keep foreign workers from leaving the U.S. with their PhDs? I’m just throwing this out there because I view the proposed policy as a means to slow down the growth of other nations while further driving down the wage rate.
If I’m an American born and bred PhD in engineering looking for a job, I don’t want to compete against a foreigner who graduated from a U.S. school because it means I have to bid down my wages in order to get a job.
We have to remember that when the word shortage is used in economics, it means two very related things. First, it could mean we have a literal physical shortage of workers. We can’t find any qualified help.
The other thing it can mean is there is a shortage of workers willing to accept the lower wages we want to pay them. Could this be the real shortage the Administration and high-tech industries are talking about?
Definitely an issue worth exploring. Any how, remember: Don’t drink the kool-aid. Every politician has some Jim Jones in him …