I believe the US, or any other Western nation, doesn't produce enough professionals to satisfy the needs of our businesses. (Source: I'm a hiring manager.)

I also believe however that this situation is being abused to suppress wages by bringing in underpaid labour in a market that already needs a big upward salary correction to account for the shortage and economic value of these professionals.

Abusing and manipulating the problem out of short term self-interest doesn't mean there isn't a problem. In fact it's a very common pattern. See for instance the war on drugs.

Denial is not a strategy.