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A bidding system will help tech companies in California more preferentially than the agricultural engineering firm in Alabama. Is that better for the US? I’m not sure

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Yes. It will raise wages for everyone.

And where will the money come from? I often hear requests for higher wages, but nobody ever volunteers to pay more to fund such wages.

Record corporate profits and executive compensation can be reduced to return value to the workers.

No company would bid more than they can afford in an H1B auction.

The amount they pay will be more than offset by the value generated by high skill of the highly skilled employees this gives them access to.

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