The much-touted bipartisan immigration bill, which we have been anticipating, has been introduced into the Senate by the bipartisan senatorial "gang of eight." Weighing in at more than 800 pages of dense legislative language, the bill is very difficult to understand for those who are not lawmaking experts.

Fortunately, an article in Bloomberg Businessweek provides a succinct takeaway of its effects for high-skilled workers: "If you're a recent college graduate, a doctoral candidate, or a highly-skilled professional who has been in the job market the past few years, you know it's rough out there. But if the immigration overhaul proposed in the Senate this morning becomes law, it's likely to get a lot rougher."

The number of high-skill visas will quadruple or quintuple should the bill pass as written, the article says. "That will send ripples through the entire job market," it continues. "Which is great, if you're a U.S. business seeking to recruit the best talent. It's also great if you're a university, because now you'll have an easier time getting top graduates to stay on as researchers. But if you're headed into the job market in the next couple years, the changes are rather frightening. No matter how you slice it, you're likely to face more competition."

Beryl Lieff Benderly writes from Washington, D.C.