So if I understand this right, Microsoft wants to offer money to train U.S. workers in exchange for more H-1B visas to bring in more foreign workers. Microsoft says the shortage of skilled technical workers is at a crisis level, yet I often hear from Americans who say they have the skills but have been passed over for a foreign worker who is cheaper. And this doesn’t even account for all the jobs that have been sent offshore.
The H-1B program has long been controversial, but it didn’t matter as much in the 1990s when jobs were abundant. In addition, we should want America to be a magnet for the most talented workers in the world. Seattle is a shining example of how a metro area open to the world benefits. But this is a tougher sell with 12.8 million Americans officially unemployed, and millions more underemployed. It’s a tougher sell as wage stagnation starts to bite even formerly elite sectors.
You tell me, oh residents of Technostan, and I hope you’ll flesh out the argument in the comments section of this blog (beyond “Talton your an idiot” cq):
Read on for the best links of the week and the haiku:
This Week’s Links:
- Fiscal confrontation undermines U.S. || Simon Johnson/NYT Economix
- Stage three for the euro crisis || Brad DeLong/Project Syndicate
- How big is the output gap? || Federal Reserve Bank of Atlanta
- Create jobs at companies? Or ‘harvest them all at significant profit’ || Robert Reich
- New home prices highest since 2008 || Calculated Risk
- China’s economic slowdown || Econobrowser
- The hidden cost of bailouts: Money market mutual funds and moral hazard || Wash Post
- In Europe, it’s debt vs. jobs || Naked Capitalism
- Weapons of massive urban destruction: China makes America’s freeway mistake || Foreign Policy
- Getting real on jobs and the environment || Triple Crisis
Today’s Econ Haiku:
Cook says he’s sorry
How would Jobs react to “Oops”?
The Cook would be fried