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Oct 6 2020 03:38pm
About a week ago I pointed out how the biggest US tech firms are pumping millions into Biden's campaign.

Well now we know at least one of the major reasons. As usual it boils down to money.

Quote
The Trump administration announced additional immigration reforms on Tuesday aimed at making it more difficult for skilled foreign workers to acquire visas.

The rules, which will go into effect in 60 days, would heighten requirements for businesses that hire foreign workers on H-1B visas, according to details reviewed by The Hill. The changes may be challenged in court.

The updated regulations redefine "specialty occupations," limit the validity of an H-1B visa to one year for a worker placed at a third-party worksite, and increase enforcement tools to police companies that do not abide by H-1B rules or cooperate with site visits.

“We have entered an era in which economic security is an integral part of homeland security. Put simply, economic security is homeland security,” acting DHS Secretary Chad Wolf said in a statement. “In response, we must do everything we can within the bounds of the law to make sure the American worker is put first.”

At the same time, a new Department of Labor rule is slated to go into effect requiring employers to increase what they pay H-1B recipients in an effort to discourage companies from undercutting American workers.

Administration officials argued that the H-1B visa program had been abused at the expense of American workers, and they seized on the ongoing economic effects of the pandemic to argue the timing was right to crack down.

“Companies that have used the H-1B program have been incentivized to avoid hiring Americans… so that they can replace them with cheaper foreign labor and that abuse will end with this new rule,” Ken Cuccinelli, DHS acting deputy secretary, said on a call with reporters on Tuesday.

The DHS rule will affect over one-third of H-1B petitions. Although that does not mean an automatic rejection of the petitions, the “vast majority of them will in fact be rejected just as a statistical matter,” according to a senior department official.

“A big part of why we’re putting out the rule is to respond to the recent shock to the labor market,” a senior department official said.


https://thehill.com/homenews/administration/519811-trump-administration-to-impose-new-rules-targeting-h-1b-visas

This post was edited by ofthevoid on Oct 6 2020 03:38pm
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Oct 6 2020 03:42pm
the house today said they want to break up big tech https://finance.yahoo.com/news/house-democrats-urge-internet-giants-202412213.html

trump says hire more skilled employees domestically
house says we are splitting you up

guess who big tech gets mad at more lmao
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Oct 6 2020 03:55pm
Quote (excellence @ Oct 6 2020 02:42pm)
the house today said they want to break up big tech https://finance.yahoo.com/news/house-democrats-urge-internet-giants-202412213.html

trump says hire more skilled employees domestically
house says we are splitting you up

guess who big tech gets mad at more lmao


To be honest, we don't have enough lol. Do you really want Ghot designing your airplanes?
Quote (ofthevoid @ Oct 6 2020 02:38pm)
About a week ago I pointed out how the biggest US tech firms are pumping millions into Biden's campaign.

Well now we know at least one of the major reasons. As usual it boils down to money.



https://thehill.com/homenews/administration/519811-trump-administration-to-impose-new-rules-targeting-h-1b-visas


We need more of these immigrants until we can prepare our children to be competitive. That usually takes a generation.
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Oct 6 2020 03:57pm
Watch China snatch them up and gain huge market advantage.
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Oct 6 2020 04:02pm
To be fair I think there is a supply chain problem with certain fields

How did we ever get to the point where the market prefers a biden victory

The simulation is having a lot of glitches
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Oct 6 2020 04:03pm
Quote (Bazi @ Oct 6 2020 05:02pm)
To be fair I think there is a supply chain problem with certain fields

How did we ever get to the point where the market prefers a biden victory

The simulation is having a lot of glitches


Markets prefer stability. Trump has proven himself to be unstable and unable to handle a crisis, which markets hate.
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Oct 6 2020 04:04pm
Senator Josh Hawley really issued a prescient statement when he said a couple of months ago that "the interests of big business and big government are increasingly aligned".
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Oct 6 2020 04:09pm
Quote (Black XistenZ @ Oct 6 2020 05:04pm)
Senator Josh Hawley really issued a prescient statement when he said a couple of months ago that "the interests of big business and big government are increasingly aligned".


Quote (Black XistenZ @ Oct 6 2020 05:04pm)
Senator Josh Hawley really issued a prescient statement when he said a couple of months ago that "the interests of big business and big government are increasingly aligned".


He not wrong. Big government just took several trillion dollars and gave it to Apple, amazon, Microsoft, Boeing , et. al, etc

Big government bought corporate bonds for the first time in history iirc? No conflict of interest?

The federal government is indeed very big. The biggest

Which tech firms are donating to mr. Biden? If any of these then lmao

This post was edited by Bazi on Oct 6 2020 04:10pm
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Oct 6 2020 04:13pm
Quote (Bazi @ 6 Oct 2020 18:09)
He not wrong. Big government just took several trillion dollars and gave it to Apple, amazon, Microsoft, Boeing , et. al, etc

Big government bought corporate bonds for the first time in history iirc? No conflict of interest?

The federal government is indeed very big. The biggest

Which tech firms are donating to mr. Biden? If any of these then lmao

all of them

https://www.wired.com/story/silicon-valley-opens-wallet-joe-biden/
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Oct 6 2020 04:15pm
Quote (Bazi @ Oct 6 2020 06:02pm)
To be fair I think there is a supply chain problem with certain fields

How did we ever get to the point where the market prefers a biden victory

The simulation is having a lot of glitches


Wouldn't call it a supply chain issue.

The issue, at the heart of it is American labor is more expensive than foreign labor. So a lot of these tech corporations would want to be able to hire foreign labor that have better work ethic and are cheaper. I worked for a large corporate bank, we had tons of IT teams in India.

We've talked about how wages have been stagnant for a long time, they are becoming increasingly so even in professional industries. I'm finishing up my MBA and every single informational call I join for a potential target company to work for it's like 3/4 Indian students that need H1B visas and will take a low salary just to get that visa. That pushes out qualified candidates because obviously they aren't going to take some 3/4 of a salary. I remember going to one of these presentations and the recruiter said they don't offer visas and like 3/4 of the classroom got up and left rudely half way through the guys sentence.

If you have 10 qualified Americans applying for a job and the minimum expected salary is 70k and then you have 10 others who are from India or China who will take some bare bones 50k salary just to get the visa, you don't think that's problematic?

Issue is that our labor force participation rate is already plummeting. Don't tell people to learn to code, and then offshore the IT department to India anyways, and when you can't offshore those jobs pay politicians to bring that cheap labor here.

This post was edited by ofthevoid on Oct 6 2020 04:24pm
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