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i agree with everything you said except for this part. many of the indian workers are still better off economically than they might otherwise be, even if they are not as well off as their american counterparts.
in any case, we should let every person seeking higher education in the US work indefinitely in this country, not just PhDs. in fact, anyone who wants to work hard should be allowed in. all such workers will accrue a net economic benefit, as the new workers will generate more value than they consume.
the problem with this (playing my own devil's advocate) is that it neglects to account for the status disruption it generates for the incumbent workers. the current H1B visa program happens to account for this by it effectively being indentured servitude, which limits the status of these foreign workers. i don't like this fact, but i believe it's why the H1B visa program is actually palatable in the US.