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Wages aren't the primary determination of slave labor, it's control. I suppose "indentured servant" would be even better, but there are an enormous number of restrictions on H1B holders in how they move (both between employers and countries).

(I don't love this analogy and consider it extreme and not overly accurate)

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Why do we need an abysmal analogy when "H1B holder" describes it well enough?
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Do you not understand that analogies are used for people who don't understand what H1B holders are, or what the user of the analogy thinks of them?
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I doubt you'll find many HN users who don't know what a H1B visa is. That's regardless of my opinion that comparing H1B holders to slaves or indentured servants is a bad analogy.
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