About those H1B folks, if they is a blip in their employment, they are going to pack up and head back home without settling the bill, im bettin.
Not the techs from India, Asia and Latin America I've worked with in Silicon Valley. Even with the downturn those I've talked to are planning ways to bring over girlfriends/wives/significant others, and are doing cab-driving and other jobs while waiting for tech work.
As an employer this reduces my costs by having highly trained out-of-work people waiting in line. It makes it tougher for the worker side of the equation.
It's a quandary how the deflation effect meets asset inflation, and squeezes newcomers. The result is a ratchet, with asset-holders ever-increasing their holdings. Newcomers into the workforce, both Americans like my kids and immigrants, and people of any age as yet without inflating assets, are pushed lower still.
This is temporarily good for the established powers-that-be, but the opposite of the 1950's-type boom years, where the average wage increased relative to cost of living, and a single average wage earner could buy a house for a family.
Instead, we're heading back to a landed aristocracy. |
