If you want lots of high-paying jobs in the US and EU, kill every single guest worker program (fraud-ridden at any level), get rid of the ability to use length of unemployment (or employment) as a direct or indirect means of discriminating against the unemployed, and get rid of the tax and benefit dodges with second-class forms of labor (e.g. contractors, consultants). Finally, make it harder to not hire US citizens, within the US by making any tax cut follow the worker and is dependent on the length of time.
The US benefits considerably from the guest worker program at the cost to China, India and other foreign countries. The US is basically able to hand-pick the best and brightest from around the world and have them come to the US through the guest worker program (the largest being H1-B). A lot of countries, especially India and China, lose their best emerging scientists and engineers to either graduate schools in the US or to large multinational firms in the US. Ending the guest worker programs would divert those talent to a different country who would then work for companies and start companies and compete against the US. Guest worker programs are immensely beneficial to the US and ending would it would be harmful to the US.
On the other hand, I understand your disagreement for the guest worker program as you feel it directly or indirectly depresses wages in the field you are employed in. If there were no guest workers, then companies would be forced to find local workers and local workers would be in higher demand and thus higher wages. The guest workers who were employed because of some shortage would soon become permanent residents and then citizens of the US, and then directly compete in the marketplace in your field. Yes, it is completely reasonable and rational to be against a policy that depresses the wages in your field.
To a certain extent, the furor over H1B did get is severely restricted but the consequences weren't what you thought it would be, it wasn't high-paying jobs, the consequence was outsourcing. In the middle 00s, the H1b caps were severely restricted and getting H1Bs for a foreign worker became considerably harder. The consequence became that foreign companies used the situation to offer outsourcing services where work could now be shifted from the US soil to foreign soil. If foreign workers couldn't be brought to the US, then the work would go out of the country to the foreign workers. Attacking the H1B did nothing for the American worker, it actually made the situation worse through outsourcing.
Your final point is that it is fraught with fraud which I don't have enough experience to comment on but as someone who has worked with H1B holders, there is a lot of regulation in H1Bs. H1Bs can only be issued if a local worker was not found after the position was advertised. The foreign worker must be paid prevailing wages and the qualifications and salary for the position must be posted in public at the workplace. An American worker can at any time demand an H1B worker's position if he or she meets the requirements of the qualifications required to do the job. In most cases, hiring foreign workers on H1B is costs more money and is a bigger headache than hiring a local worker. I suppose fraud is possible but from my limited experience with H1Bs, most H1B are under so much scrutiny and regulations that companies would be exposing themselves to severe criminal fraud to defraud the H1B system.
Lastly, I have known and worked with and for many admirable people who are US citizens but were previously H1B holders. One of my bosses in a small startup was such a person and a few researchers I've worked with as well. I think the US is much richer and better place for them to be here in the US and I think everyone has directly or indirectly benefited from their presence here.