Just want to point out several things. First, currently the H1B visa is used up very quickly (in 9 to 10 months?), so there is a need to enlarge it. Currently you have some companies who couldn’t fill their job opennings due to H1B visa restrictions. What would you like them to do? To open a branch in India or China and cap their employee base in the US? Sadly, many large tech companies have already done so. Second, many H1B visa applicants are foreign students who just graduated from an US univeristy, (many with post-graduate degrees). Lastly, from an employer point of view (and that’s my own experience from a hiring perspective) it’s much easier to hire a qualified US engineer if they can find one because of the extra work involved in H1B visas.
For the US to stay competitive, it either has to boost its k12 education system, or have to continue to have a very open policy to welcome well educated foreigners to come to this country. As many posters point out, educated foreigners are a net contributor to the US economy. But the more critical fix is the former — K12 math and science education. It’ll take a long time, and sadly, there doesn’t seem to be any sign of it. (Bill Gates needs to try harder)