Impact of Hike in U.S. H-1b/L-1 Visa Fees for Technically-Skilled Employees of Foreign Companies: The U.S. Administration Step towards Indigenization with Emphasis on Equal Pay for Equal Work Is Commendable

Abstract

ln as much as the U.S. economy has been slow in recovery from deep recession with unemployment hovering around 9 per cent due to the short-sighted non-Keynesian approach of the U.S. administration by imposition of highly expensive visa fees with restrictions on employment of foreign skilled labour dwarfing the multiplier effect leading to sluggish effective demand and leading to further slowing down of the U.S. economy. The strategy suggested in this study for fast recovery is to generate effective demand by creating employment for low-skilled-cum-less educated people who form the bulk of the population through establishment of medium-scale micro enterprises and to improve the quality of life by promoting large-scale affordable housing facilities for the majority poor (at the U.S. poverty level of annual income of US$22314 for a family of four persons) and for whom the marginal utility of one U.S. dollar is worth much more than to a millionaire for whom it is worth almost nothing.

Keywords: U.S. Economy; Non-Keynesian Approach; Expensive Visa Fees; Foreign High-Skilled Labour; Majority Poor; Micro/Medium-Scale Enterprises

JEL Classification: E24; 131; J31; J41; 051