The U.S. has long enjoyed a reputation for the most advanced and creative technology developments, especially in electronic and biotech areas.
Much of the future success of the U.S. technology companies will depend upon getting a lot of new immigrants who are skilled in science and math. U.S. universities are not turning out nearly enough math and science graduates to fill the jobs at U.S. tech firms, and many highly skilled potential immigrants are being turned away.
H-1B visas for highly skilled foreign workers are in short supply, and the new immigration bill being passed in the U.S. Congress will be a key to industry being allowed to import more highly skilled workers.
If the U.S. Congress does not allow the highly skilled visas to be expanded from the current 65,000 per year, there will be significant consequences for U.S. the job market. If companies are unable to find adequate skills in the U.S., they will just outsource the U.S. jobs to countries abroad to where the highly skilled workers are located.
An interesting aside, many millions of unskilled an often illiterate workers come to the U.S. illegally each year, yet in their infinite wisdom, the U.S. Congress restricts the number of highly skilled individuals attempting to enter legally.
MERRILL LYNCH CHIEF US STRATEGIST AGREES WITH US ABOUT A WEAKER US DOLLAR
In a recent piece that came across my desk today, Richard Bernstein at Merrill Lynch agrees with us that the U.S. seems to be determined to work its way out of the current export problems that it finds itself in, by lowering the value of the dollar. In our opinion, this has been the U.S. strategy for a long time. I am sure that Mr. Bernstein is also aware that this has been a long-term strategy. We could not agree with him more.