Sure, it's in your interest for your wages to be as high as possible, but does this maximize overall welfare? By banning competition, the H-1B person's wage an

Sure, it's in your interest for your wages to be as high as possible, but does this maximize overall welfare? By banning competition, the H-1B person's wage and the employer's profits go down and the product price increases. How much depends on the relative elasticities. Isn't this richer people banning much poorer people (immigrants) from competing with them?