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The H-1B visa program is crucial for the U.S. economy, especially in the STEM fields where it represents a significant influx of talent. Despite record numbers of foreign students and a high proportion of these being STEM graduates, the allocation of H-1B visas remains limited, hindering potential economic contributions. Research indicates that hiring H-1B workers could generate additional jobs and foster innovation. To fully leverage this resource, we must reform the visa cap and streamline application processes, enhancing America's competitive edge in the global economy.
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Introduction to the Issue • US reaching record highs of foreign students year after year. • Half of the STEM graduates in the US are foreign students. • Only a fraction of these STEM students are granted a temporary skilled-worker visa (H-1B).
Why is this Important? • Foreign STEM graduates contributed 10 to 20 percent of GDP growth between 1990 – 2010. • Boosted the size of the American economy by $615 billion in 2010 alone. • Other research from the National Foundation for American Policy shows that the hiring of each H-1B worker actually creates 7.5 jobs in small to mid-sized technology companies.
Obstacles to Growth • Protectionist Policies • Shortage of H-1B visas • Gridlocked political environment
Sensible Reform for Success • Two Steps: • Increase the cap of H-1B visas from 65,000 to 80,000. • Simplify the regulations surrounding the H-1B application.
