The stick - Tell businesses that if they want Federal Bailout money that they need to hire American workers - not foreigners.
The carrot - Let's lower the federal payroll tax that employers pay to try to stimulate the employers to hire more workers and add labor hours. They always talk about lowering the taxes for workers. Trying cutting the employer's contribution and maybe the employers will be motivated to add some labor.
AP Investigation: Banks sought foreign workers
By FRANK BASS and RITA BEAMISH, Associated Press Writers Frank Bass And Rita Beamish, Associated Press Writers Sun Feb 1, 8:10 am ET
SANTA CLARA, Calif. – Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the U.S. for high-paying jobs, according to an Associated Press review of visa applications.
The dozen banks receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists. The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.
The figures are significant because they show that the bailed-out banks, being kept afloat with U.S. taxpayer money, actively sought to hire foreign workers instead of American workers. As the economic collapse worsened last year — with huge numbers of bank employees laid off — the numbers of visas sought by the dozen banks in AP's analysis increased by nearly one-third, from 3,258 in fiscal 2007 to 4,163 in fiscal 2008.
The AP reviewed visa applications the banks filed with the Labor Department under the H-1B visa program, which allows temporary employment of foreign workers in specialized-skill and advanced-degree positions.
It is unclear how many foreign workers the banks actually hired; the government does not release those details. The actual number is likely a fraction of the 21,800 foreign workers the banks sought to hire because the government limits the number of visas it grants to 85,000 each year among all U.S. employers.
During the last three months of 2008, the largest banks that received taxpayer loans announced more than 100,000 layoffs. The number of foreign workers included among those laid off is unknown.
Foreigners are attractive hires because companies have found ways to pay them less than American workers.
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3 comments:
Good Idea Independent Ulster.
Steve Forbes made the exact same comment about the Federal Payroll Tax this morning on NBC's Meet the Press.
Forbes said "in terms of getting the economy moving - you've got to do, and I hope the Senate will do this is work more on the tax side. Like say having not having the payroll tax for two years. That lowers the price of hiring people [moderator interjects - like a Payroll Tax holiday} Yes, a payroll tax holiday. That way the people get more money and it's cheaper to hire labor.
"The stick - Tell businesses that if they want Federal Bailout money that they need to hire American workers - not foreigners.
The carrot - Let's lower the federal payroll tax that employers pay to try to stimulate the employers to hire more workers and add labor hours."
Sounds like something the Ulster IDA needs to learn when THEY hand out THEIR taxbreaks (bailouts)
They do the same thing - give money away to businesses who hire people from out of state for less wages - and we make up the taxes.
Good Idea! Create jobs for the ones footing the bill!
UPDATE your BLog,
this stuff is important to us,, take it seriously or dont put up a blog at all, please.
thanks
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