Where has Powell said anything about immigration, especially the sort of skilled immigration that H1Bs are issued for, and the labor market?
That's not how statistics work. You can't just have everyone paying above the normal wage. We'd call it the normal wage.
Anyway, I'm done with this. Go talk to a lawyer and see what they say.
He did mention that lack of labor supply is driving up wages.
> people on H1B are paid more than the prevailing wage for a metropolitan region
Because H1B visas are generally only issued to high skilled professionals? Sure. a software engineer on H1B is probably gonna earn more than the waiter or cashier in the shop downstairs. Are they gonna earn more than their colleagues who are citizens/permanent residents? Obviously not...
Technically not false, pretty obtuse though. Or are you claiming that e.g. software engineers/IT professionals on H1B visas are paid more than local with comparable skills/qualifications?
> Bringing in foreign labor to a market implicitly lowers the wages of those workers. > False. That is how the first lecture in Econ 101 says markets work. The first lecture in Econ 101 isn't real.
You might try telling that J.Powell he probably never went past Econ 101 (if you listen what he says).