False.
> they're in high demand and switch jobs for better pay constantly.
And each time they do so, their new employer has to go through the entire process of getting them a new H1 visa. When your right to be in a place is dependent upon your labor to a specific contracted employer, you are an indentured servant.
this is not true, saying this as a person on h1 who changed jobs easily.
when talking about indentured servants you are probably referring to small Indian IT bodyshops, that keep people on low wages due to them being on a very long green card queue, but this has nothing to do with H1 per se. These people do not work in big tech
Or perhaps awful schools
Obviously FAANG (and most companies) want to pay as little as possible for their labour. They don't pay $500,000 for senior engineers because of their innate generosity and desire to pay them well. They pay that much because they have to if they want to attract and retain the employees they are looking for.
That's the basic premise of markets.
Conversely, they are posting huge profits, why don't they pat even more?
In a land where money buys everything, you think culture is the reason why a thing exists or doesn't exist? I think you're drinking too much of your own ideological kool aid.
High paying tech companies want to pay less, so they recruit internationally to not be so high paying. Along the same lines, American kids with the access to generational wealth to do whatever they want find it more lucrative to choose some other more localized field of work that doesn't compete with indentured servitude (H1s) for wages.