In a word: ridiculous.
If you read the details, this is a non-sensical solution to a non-issue.
Immigrants are not “stealing American jobs” in huge numbers. Work permits are just that: permits to work. Many times (if not most of the time), these are permits to do work that citizens are not clamoring to do - like picking crops in the fields with long hours for low pay - or for which specialized training is needed that a particular foreign national has, and no one here as a citizen has applied for or is equally qualified for.