No.

Now, my understanding was that H-1B's were required to get the same pay as the American who would have taken the job. I just now skimmed the wikipedia article but didn't find anything. So I'm more than willing to admit that I may simply have misunderstood here, but it seems to me that either: a.) My understanding is incorrect b.) Many employers are violating the law with regard to H-1b compensation, which would not necessitate abolishing the program, just enforcing its provisions. c.) You work at an unscrupulous company :).

I don't have any data on labor statistics but, taking the H-1B program at face value, it's supposed to allow the hiring of foreign talent when the local talent isn't available. If this is true, and you simply abolish the program, you're not going to create jobs over the long term. You're going to put affected companies at a competitive disadvantage versus foreign companies and this will, in the long run, harm the local employees they DO employ.