The latest monthly employment figures for August were released last week. Foreign-born employees in the United States had a nice month. However, 1.2 million people who were born in the United States were unemployed.
According to a report, the BLS has left a gaping hole in its statistics despite its best efforts to conceal it through a combination of goal-seeking, downward adjustments, and data manipulation. All new US employees in the past few years were immigrants or foreign-born.
This past April, 131 million of the US labor force could claim American ancestry. According to the Federal Reserve’s projections, this is around 500,000 fewer people than the all-time high before the covid occurred in October of 2019. A distinct picture emerges from the statistics when the proportion of foreign-born employees is included. In February of 2019, the number of non-native employees reached a record high of 27.8 million. It has recovered to its level before the collapse and increased from 2 million to a staggering 30 million since then.
Temporary work visas fall under the category of nothing is so everlasting as a short-term government program, as defined by economist Milton Friedman.
A report reveals that the end of cheap currency, decreasing stock prices, and increasing inflation have all contributed to weekly news stories of layoffs in the IT industry. Despite this, there seems to be no letup in demand for international tech professionals despite the falling labor shortage.
In 2022, over a thousand firms in the technology sector reported laying off over 161 thousand workers; in 2023, more than 400 businesses have reported laying off more than 111 thousand workers.
The H-1B visa and other temporary work visas were never meant to be a pathway to citizenship for foreign workers entering the United States. However, even 30 years after its inception, the H-1B visa continues to be severely overloaded.
According to the report, the American business sector has become dependent on low-cost immigrant workers. Half of those with H-1B visas in 2021 were outsourced employees, most of whom were situated in India, despite the fact that the program was designed to prevent this very thing from happening.