I'd argue, that just like with inventions, software has at least 100 people working on the same thing at the same time, who gets their first is what matters. Google et al would still be the same behemoths with or without H1Bs.
Let's see who is telling the truth. Back in 1990s, a decent salary for a fresh graduate, at a top company like Sun Microsystems was $40,000. RSUs were unknown back then, and certainly fresh graduates didn't get any! If you adjust for inflation $40K in 1990 translates to $99K in 2024. Today a fresh graduate can get a $120K offer at a top company, and another $10K to $50K in RSUs. Do you see any evidence of wage depression?
It does look like these tech companies are NOT importing workers to depress wages!
> because there aren't enough qualified workers in the US
It's often not a shortage of skills but a shortage of pay.
Companies can also invest in growing local talent. There are tons of STEM graduates who cannot find jobs — because why hire a junior when there's a supply of Indian H-1B labor from shady consultancies, who won't complain or negotiate due to the constant threat of deportation?
What needs to be done is to end the exploitative aspect of H1B visas. Recipients should have a direct, unconditional pathway to residency, independent of their employer's goodwill. It shouldn't be a modern slavery.
Also, stop immigration fraud to prevent these visas from being used solely for cost-cutting and replacing local labor. Raise the minimum wage for H1B, introduce additional taxes — or just auction visas off, granting them to the highest bidder. So only the top talent would get them.
For American workers, it is better to let wages rise than to import foreign labor (which would ultimately suppress wage growth).
Therefore, importing labor does suppress wages — as you've essentially demonstrated yourself.
Raising wages is probably the last option on the checklist.
Perhaps it's time to reconsider the "supply" side of the equation and do something with H1B.