Image : http://www.flickr.com
It is amazing how the devil is always in the details but Governments always find a way to put in crazy additions to new legislation. Then they distract the media with other controversies so the bill becomes law without any debate at all about their new plans.
The new stimulus package will severely restrict immigration for the biggest companies in the world who traditionally are the biggest employers of foreign works under the H-1B work visa for non-immigrants.
TARP (or the Troubled Asset Relief Program) initially introduced by the Bush Administration and now carried on by Obama's team was the first major bailout for the US banking system and the finance industry in general that passed late last year.
Essentially it worked where the Government via the Federal Reserve would buy toxic assets and take an equity stake of the banking industry to improve their balance sheet position and thus be able to lend more freely again. Thus this would free the credit markets as people would be able to borrow to buy homes stopping the real estate pricing crash which was the initial spark that help cause the problem. Also people would able to get credit to start or continue their businesses and hot have to lay people off or shut down. Then finally consumers may feel more comfortable spending money again on retail, travel, services, etc. which all helps grow the economy.
Now when the Obama Stimulus bill passed only a week ago, it virtually became illegal (although not in so many words) for firms receiving this money to hire foreign workers under the H-1B visa.
Why?
Well US Companies who received TARP funding have to strictly advertise and make every effort to hire US workers and prove it before they can even consider a foreign worker under as US work visa like H-1B.
When you consider the companies that have received this funding include Bank of America, Citigroup and JP Morgan Chase among others massive organizations. Then consider the amount of US workers laid off in recent months have hit record levels in recent months particularly in these sectors (600K in January alone which is close to 10 times the annual H-1B visa quota of 65,000) and you can see it is a problem.
The answer is to seek out companies who have completely been immune from the problems and have no relation to TARP and the Stimulus bill at all.
The best 2 industries include,
- Health which actually was only industry to have a job increase in January in the US and because of the nature of the demand will not suffer. There is so much money in this industry many are ensure how to spend it.
- Education because more and more people are going back to school after being laid off and current students are continuing their education to avoid entering the workforce right now. The second stimulus bill is going to help this sector heavily both directly and indirectly for private and public institutions without the hiring restrictions.
CJ helps Immigrants Get Your H1B Visa so they have all the right answers as they move to and begin a life in the US.
No comments:
Post a Comment