Isn't this basically an issue of "no american qualified to do the job" "at the price the market is willing to pay for that job"? It's not unfair to think that these American companies that save costs by using H1-B or offshored workers pass on those savings to customers and shareholders (since so many are public). Their products have an inherent savings because these companies are saving money using the H1B right?
I'm Indian and don't really care either way about this debate, but it just seems to me 'fixing' the H1B issue wouldn't really bring jobs back to the US. These companies are already used to such cheap IT labor and their final product/service pricing reflects that. You think they'll suddenly hire 50-60% more expensive US workers for those jobs? IMHO I think this will lead to more offshoring of jobs and the US will lose more jobs that were atleast situated in the US geographically and contributing to US taxes.