Looking at discussions about the current dire state of the white-collar job market — with thousands of applications per job posting and many months of job hunting, even for individuals with over 10 years of experience — it's hard to argue that we're not currently oversupplied.
Perhaps it's time to reconsider the "supply" side of the equation and do something with H1B.
I agree that there is currently a problem in the job market. It would make sense to temporarily pause the H-1B program for candidates with only a bachelor's degree. It should still be open for those with masters and PhD degrees.