> what about the ~50% of STEM grads who can't find a job in their industry?
According to the Census bureau, 74% of STEM grads don't work in STEM [1]. I was pretty surprised to read this, until I looked up what the Census bureau considers to be STEM [2].
You can see from this graphic that CS, math, statistics, and engineering majors all end up working in STEM in relatively high proportions. It's the psychology, social sciences, biology, and (to a lesser degree) physical sciences majors who are dragging this statistic down.
This isn't as surprising to me; indeed, if you hover over the labels in the graphic, you'll see that a lot of bio majors go into health care and education -- not surprising -- and that psych and social science majors go into a wide variety of fields -- again, not surprising or particularly relevant to this debate, I think.
Coming back to people with CS/math/engineering degrees, you're right that about 50% are not employed in STEM-related fields [3]. However, we have zero reason to believe all of these people "can't find a job in their industry". Surely some of them voluntarily work outside STEM.
Note that CS/math/engineering majors have significantly lower unemployment than college grads as a whole [4]. Note also that this 50% fraction is significantly higher for CS/math/engineering than it is for any other group of STEM majors; the next highest is physical sciences majors, of whom only a quarter work in STEM.
In fact, the only groups of people I can find who work "in their fields" in a greater proportion than CS/math/engineering majors is non-STEM "science- and engineering-related" majors working in health care (presumably these are human biology majors and the like), and education majors working in education.
Looking at this data, it's really hard for me to believe there's a problem here. Lots of people don't work in the field that they majored in. This is true for CS/math/engeineering majors, but not as much as most other majors.
One more thing:
> a lot of people in your country aren't as comfortable as you are in terms of pay.
This is exactly my point, actually. Any time you make a decision like this, some people will be hurt, and others helped. But rather than judging this policy decision based on its effect on a particular group of people (almost always, it's "people like me"), we should consider its effect on the country as a whole. As I said, highly-skilled immigration is free economic growth, and a fantastic deal for the country as a whole.
[1] http://www.census.gov/newsroom/press-releases/2014/cb14-130....
[2] http://www.census.gov/dataviz/visualizations/stem/stem-html/
[3] https://docs.google.com/spreadsheets/d/1iEhflMxiWCbQvFyVJiRL...
[4] https://docs.google.com/spreadsheets/d/1AcxdY__ls_F8P-rURtt_...