This is another mistake what people make when describing H1Bs. Yes there are abuses where bad actors abuse the system and undercut the local wages. But a huge portion of the annual H1B allocation goes to people who are not the “cheaper labor pool”. They get paid the same wages AND the companies spend additional money to the order of thousands of dollars to sponsor the visa. Google is not hiring H1Bs on a cheaper rate. They still get paid hundreds of thousands of dollars every year.

But I do agree with the theory that allowing a lot of these H1Bs would be a net benefit for the economy. A lot of people who naturalize end up leaving jobs and starting businesses that employ more people. We should be encouraging that, but instead the system actively discourages that.