PFIR – Mass layoffs are typically justified in terms of restructuring to meet changing market needs, retooling for the next phase of innovation, or remaining competitive in an increasingly dynamic industry. But there’s more to it than this. These goals can be achieved in large part by replacing American workers with foreign workers who will do more for less and not complain about it.
Apple is widely hailed as the world leader in innovation. It has accumulated a cash hoard of $147 billion, which equates to nearly 10% of all corporate cash held by nonfinancial companies, according to Moody’s. Google pales in comparison with only $56 billion cash on hand and Facebook with $10 billion. All three companies are key players in petitioning Congress to lift the H-1B visa cap, as if they faced imminent extinction without a drip infusion of foreign workers. [Read More]
