Terrible own-goal in my opinion. I know loads of startups that only exist because the founders were here on H1Bs originally. But it can’t be avoided I suppose. For all the complaints about VCs, they’re tuned into something innately that most people are simply incapable of reaching for - the idea of the bet on the not-yet-great population in order to get wins.
People are usually quite high-time-preference by default and “if I had bought Bitcoin/nvidia/etc” is the norm. The United States, like Europe and the UK, has hit the population wealth distribution where loss aversion dominates growth policies. Consequently, most Americans aim directly at the same targets as Europeans have succeeded at - constraining the total success of their country in an aim to extract maximal personal piece of the existing pie. The resulting shrinking in economic growth often causes much lower wealth for everyone but it’s very attractive.
This leads to nonsense like dockworkers constraining US shipping to the cost of the rest of the economy or landowners successfully prohibiting the construction of more homes. Local constituents like these block growth and prosperity for most other Americans. But just like massive minimum elevator size regulations are “estimated to not have any cost impact” so are these.
The common thread, I suppose, is an absence of systems thinking. I wonder if it is inevitable among countries that hit wealth. We will have to see what happens to the Polish and Latvians as they overtake the British and Germans in prosperity. People think in their lifetimes. The challenge for civilizations is thinking in longer terms when comprised of shorter individual lives.
In my opinion, American cities should be towers to the sky. America has easily space to build more New Yorks. The H1B is America’s hukou for the world and the US should attempt to test-select people in and unleash coastal megacities. We shall see where we get.
Datacenters are good, ships are good, factories are good, power plants are good, space launch is good. And the people we will need to get all that now that we don’t make enough locally are also good.