Should American Tech workers pay for Greenspan’s housing bubble?
Greenspan seems to think so
Thursday, August 14, 2008 – 2:27 PM MST
Alan Greenspan: Opening the door to more skilled foreign workers could boost housing marketPhoenix Business Journal – by Mike Sunnucks
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Former Federal Reserve Bank Chairman Alan Greenspan offers a solution to the U.S. housing slump that’s hit markets such as Phoenix, Southern California, Miami and Las Vegas particularly hard: Allow more skilled foreign workers into the U.S.
Greenspan told The Wall Street Journal Thursday the U.S. should expand its H-1B Visa program for skilled foreign workers. Technology firms and other U.S. employers say they need foreign engineers, scientists, fashion models and technical workers to fill jobs.
Greenspan told the Journal such workers would help absorb housing vacancies and boost slow sales.
H1-B Visas are capped at 78,200 annually including foreign workers and foreign graduate students. They are quickly gobbled up each year by U.S. employers.
Greenpan’s comments sparked criticism from skeptics of the H-1B program, such as Bright Future Jobs. The Chicago-based group says U.S. corporations use the Visa program to hire foreign workers who will work for less than their domestic counterparts. A host of U.S. companies including Microsoft Inc. and Google Inc. have pushed for the H-1B caps to be lifted or expanded saying they need foreign workers to fill skilled posts and stay competitive.
http://www.bizjournals.com/phoenix/stories/2008/08/11/daily62.html
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January 29th, 2010 at 6:42 am
The support for the program has nothing to do with the housing bubble it is just an excuse. All companies want to keep wages down and have powerful lobbyist in government to promote their cause. Is it any wonder the US students are not majoring in science and engineering in large numbers any more. Anyone smart enough to succeed in these fields is smart enough to put their talents to use in other fields where they will not have to compete with low paid labor.