Evidence suggests otherwise (http://www.epi.org/publication/bp356-foreign-students-best-b...). Now, I'm not saying you can't find H-1Bs with high salaries or genius intellects. The study linked simply says it's not a majority of the people coming in. Most of them are decidedly not "best and brightest" and certainly aren't pulling six figures annually. That is, the program isn't being used for its stated purpose. Rather, it certainly seems that the goal is _not_ to find local talent, even if it's there (http://www.youtube.com/watch?v=TCbFEgFajGU), because one wants to manipulate the meaning of "prevailing wage" and "qualified worker" to suit a lower labour cost margin.
As well, there are other economic indicators to consider. If there really is a widespread tech shortage you'd expect wages to rise. And you can see various market niches' wages spike at certain localized times of labor shortage. But you don't find high and increasing wages across the board, sustained for years at a time. That is, one of the key indicators of a crippling shortage, simply isn't there. The low unemployment rate in tech hubs like Silicon Valley is further perplexing in the face of a claim that the talent can't be found. When companies like Facebook whinge about having a hard time finding top talent, I get the feeling they're really just making an observation that finding people at the extreme of a bell curve is hard. Increasing the sample population doesn't make that search appreciably easier.
Mixed in with all of these observations, you'll typically find smaller details that make sense, even if they are latched onto bigger ideas that don't. A common objection is that of sending newly graduated foreigners back to their countries of origin rather than letting them stay here. I'd say it's a no-brainer they should be permitted to stay indefinitely. But that doesn't mean it's a no-brainer that we should rubber-stamp every single person with a tech background into an H-1B slot.