H1b is not the problem. H1b abuse by service companies is. If there is no H1B, the companies will just ship the jobs overseas. Yes, a few people with niche skills will always be in demand with or without H1B, but for the most part you will see reduced hiring in the us from the big tech and increased hiring in other countries by the same companies.
It will just encourage companies to ship jobs overseas. Most companies struggle to pay engineers as it is (when you exclude the faang companies printing money and a few others) - you cant just pay any amount - the business needs to somehow make it back.
A lot of companies dont have an overseas presence because of the risk and high set up costs. Once companies will be force to look for talent elsewhere and they pay the initial costs it will be extremely hard to get the jobs back
It would be a big impact to US and boon to other countries like canada, china, india and countries in EU. Most of the jobs would be moved out of US. I hope this happens one day so other countries would develop.
Lol, if H1B is banned, you'll be out of a job. The top jobs will move to Bangalore and Beijing. And the mediocre jobs that Americans get to do today for filling the gaps in high skilled jobs that immigrants do (such as making sandwiches and maintaining legacy code), will also eventually go to Indian and Chinese people in their respective countries instead.